PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in the third quarter of last year. Dick’s Sporting Goods also announced that as of Feb. 1, 2021, chairman and CEO Edward Stack will assume the role of executive chairman. Lauren Hobart will be the new president and CEO under the long-term succession plan. The company’s stock price opened at $58.74 per share on Tuesday, up from $40.41 per share a year ago.
ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …
MINNEAPOLIS — Citing its multiple shopping channels and merchandising mix, Target Corp. (NYSE: TGT) reported Wednesday that its third-quarter comparable sales grew 20.7 percent compared with the same period a year ago. Digital comparable sales soared 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth. Same-day services such as order pickup grew 217 percent. “Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a suite of fulfillment options,” said Brian Cornell, chairman and CEO, in a prepared statement. “We’ve seen a deepening level of engagement and trust from our guests. The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels.” Target benefits from a “one-stop solution,” stated Cornell in an interview with CNBC. In other words, shoppers can pick up multiple items from groceries to apparel in one trip. Minneapolis-based Target’s stock price closed at $166.85 per share Wednesday, Nov. 18, up from $111.96 per share one year ago. This month, Target reopened two stores in Minneapolis and Atlanta that were destroyed in May due to riots and civil unrest following the George Floyd tragedy. The …
On Nov. 12, Southeast Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Southeast.” Listen to hear how leaders in the industry are coping with challenges from both a developer/owner/investor perspective and a broker/lender perspective. See below for a brief list of topics covered by each panel. Panel One: Developer/Owner/Investor Rising costs for building affordable housing projects Low interest rates offsetting costs Alternative ways to grow the affordable housing stock Do’s and don’ts for general contractors and developers Capital sources Returns — what can affordable housing developers expect? Panel One: Broker/Lender Pandemic impact on existing affordable housing properties/plans for new development Investor appetite Sellers revise their expectations as new buyers enter market Impact of the election on the sector in 2021 Availability of capital for investments currently Developer/Owner/Investor Panel: Marc Padgett, Summit Contracting Group (moderator) Max Cruz, Housing Trust Group Nick Andersen, Development Dominium H. Granvel Tate, III, The Michaels Organization Ray Kuniansky, Columbia Residential Broker/Lender Panel Kyle Shoemaker, Affordable Housing Investment Brokerage (moderator) Derek DeHay, Newmark Eric Taylor, Greystone Real Estate Advisors Sheri Davis, Highland Commercial Mortgage Jeff Rodman, M&T Realty Capital Kevin Morris, Colliers Affordable Housing Group Webinar sponsors: Summit Contracting …
SEATTLE — Amazon (NASDAQ: AMZN) has launched two pharmacy offerings — Amazon Pharmacy and Amazon Prime prescription savings benefit — enabling customers to purchase and complete prescription medication transactions, as well as access savings on medications when paying without insurance, through the Amazon website or its mobile app. Starting this week, customers age 18 or older will have access to Amazon Pharmacy services in 45 states, excluding Hawaii, Illinois, Kentucky, Louisiana and Minnesota. The pharmacy service will accept most forms of insurance and offer discounts on generic and brand-name medications when paying without insurance. As of close on Tuesday, Nov. 17, Amazon shares rose 0.15 percent to $3,135.66. However, stocks of national pharmacies tumbled following the company’s announcement. CVS/pharmacy dropped 8.6 percent, Walgreens lost 9.6 percent and Rite Aid dipped 16.3 percent. Additionally, GoodRx, which helps customers find the best prices on medications, slid 22.5 percent.
ATLANTA — The Home Depot (NYSE: HD) has reported that its third-quarter sales reached $33.5 billion, a 23.2 percent increase over third-quarter sales for 2019. Net earnings for the third quarter were $3.4 billion, or $3.18 per diluted share, compared with net earnings of $2.8 billion, or $2.53 per diluted share, in the same fiscal period of 2019. The Atlanta-based retailer’s third quarter ended on Oct. 31. Chairman and CEO Craig Menear cited demand for home improvement projects in the midst of the coronavirus pandemic as a steady driver for increased sales. Menear says sales have reached $15 billion through the first nine months of the company’s fiscal year. As of the end of its third quarter, Home Depot operated 1,986 stores in the United States and territories. In addition to reporting third-quarter earnings, The Home Depot also announced it will invest $1 billion in permanent compensation for hourly associates. Throughout the pandemic, the company has taken actions to support its employees, including temporary weekly bonuses and offering extended paid time off. The Home Depot’s stock price closed Monday at $279.96 per share, up from $238.85 a year ago.
BENTONVILLE, ARK. — Walmart (NYSE: WMT) has reported that its third-quarter e-commerce sales grew 79 percent from the same period a year ago. Comparable sales, defined as those from stores that operated during the entire 12-month fiscal year, went up 6.4 percent. The Bentonville-based retailer’s revenue during its fiscal third quarter reached $134.7 billion, a 5.2 percent increase over the same time period a year ago. Walmart’s third quarter ended on Oct. 31. The company’s stock price closed Monday at $152.69 per share, up from $120.25 per share one year ago.
HOUSTON — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Monday. According to The Wall Street Journal, the 140 shuttered stores represent about 20 percent of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share on Tuesday, Nov. 17, down from $15.91 per share a year ago.
MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported that comparable sales decreased 13.3 percent in its third quarter, which ended Oct. 31, compared with the same period a year ago. That said, third-quarter sales and earnings exceeded company expectations, according to a news release. Shoppers are spending less on apparel during the pandemic, but Kohl’s says that its digital sales growth remains strong. The Menomonee Falls-based retailer says it has entered the holiday season with more omnichannel conveniences in place for its customers. Kohl’s stock price closed at $26.18 per share on Monday, Nov. 16, down from $58.40 per share one year ago. The retailer operates roughly 1,150 stores nationwide.
PITTSBURGH AND HOUSTON — PNC Financial Services Group Inc. (NYSE: PNC) and Spanish financial institution Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) have signed a definitive agreement for PNC to acquire BBVA’s American operations, BBVA USA Bancshares Inc., for $11.6 billion. The transaction, which has been approved by both companies’ boards of directors, is expected to close in mid-2021, subject to customary closing conditions, including regulatory approvals. The transaction will bolster PNC’s national presence and create the fifth-largest bank in the United States, according to the Pittsburgh Post-Gazette. PNC will move beyond Charlotte-based Truist, the newly formed merger of equals between BB&T and SunTrust Bank. Houston-based BBVA USA Bancshares manages $104 billion in assets and provides commercial and retail banking services through its banking subsidiary BBVA USA. The bank operates 637 branches in Texas, Alabama, Arizona, California, Colorado and New Mexico. PNC operates 2,300 bank branches and nearly 18,000 partner ATMs nationwide. As of Sept. 30, 2020, PNC had $300 billion of assets under administration. When combined with PNC’s banking footprint, the expanded company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the United States. “Our acquisition of BBVA USA will accelerate …