Atlanta — The Home Depot released its second-quarter results, which revealed the home improvement retailer saw a 23.4 percent increase in sales on a year-over-year basis. Sales totaled $38.1 billion in the second quarter, which ended Aug. 3. Because of the coronavirus outbreak and The Home Depot’s status as an essential retailer, meaning the stores have remained open through the pandemic, the company invested approximately $480 million in benefits for its associates, including weekly bonuses for hourly associates in stores and distribution centers.
Los Angeles — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose …
Jacksonville, Fla. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed voluntary petitions for relief under Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing …
Jacksonville, Fla. — During its second-quarter earnings call, Regency Centers Corp. (Nasdaq: REG) reported same-property net operating income of $162.3 million for the three months ending June 30, a 20.1 percent year-over-year decrease. The Jacksonville-based company says all 415 of its shopping centers nationwide have remained open during the COVID-19 pandemic, with 95 percent of its tenants being open as of July 31. Regency Centers collected 72 percent of base rents for the quarter and has agreed to more than 600 lease rent deferrals. The shopping center REIT estimates that …
Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans …
Lakeland, Fla. — Publix’s sales have increased 21.8 percent year-over-year, the company announced during its second-quarter earnings report. As an essential retailer, the Lakeland-based grocer has remained open through the nationwide COVID-19 pandemic, which was declared a national emergency March 13. For its second quarter, which spanned the three months ending June 27, Publix’s sales reached $11.4 billion, an increase from $9.3 billion the same time a year ago. The company estimates its sales in the second quarter increased approximately $1.5 billion, or 16.1 percent, due to the pandemic.
New York City and Freemont, Calif. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of …
Plano, Texas — At Home, a home décor and furnishings retailer, posted net sales of $515 million in its fiscal second quarter, which ended July 25, and is reportedly looking to expand its footprint. That figure represents a 42 percent year-over-year increase in comparable store sales. At Home CEO Lee Bird told CNBC over the weekend that the company has been expanding its store count by about 20 percent per year over the last seven years, and that it could grow from its current 219 stores to as many as 600. …
Seattle — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending …
Canton, Mass. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25.