You don’t absolutely have to get into Dollar General at its IPO price
Posted on November 6, 2009 at 12:57 pmBut it sure will help your portfolio if you do… Jutia contributor Brandon Clay says the Goodlettsville-based retailer likely won’t trade at a discount to Wal-Mart long after it goes public.
It’s a cash cow so long as the debt load can be managed and eliminated.
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Cracker Barrel tweaks debt deals
Posted on at 12:34 pm
CFO Sandy Cochran has renegotiated the maturity dates of Cracker Barrel’s revolving line of credit (while also shrinking it by a third) and long-term loans. About two-thirds of the revolver now won’t be due until 2013, about 40 percent of the term loans until 2016. The tweaks will add about $2 million in interest costs this fiscal year for Cracker Barrel, whose shares (Ticker: CBRL) are flat on the day.
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Go, Genesco, go
Posted on at 11:56 am
Robert W. Baird analyst Mitch Kummetz has raised his rating on the Nashville retailer to ‘outperform.’ Kummetz, who two months ago was quite sober about the company’s prospects, also has lifted his price target to $34 from $25. On a lackluster day for the market, Genesco shares (Ticker: GCO) are up more than 3 percent.
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CBL’s progress and stability
Posted on November 4, 2009 at 7:57 amThe boss of Chattanooga-based mall operator CBL — which runs three of the Nashville area’s largest shopping hubs — says he’s encouraged by “improving trends.” Occupancy rates rose by at least one percentage point in every one of the company’s categories, but shoppers appear to be giving smaller operators an especially hard time: Same-store sales for tenants occupying less than 10,000 square feet fell more than 6 percent from a year ago.
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Another heady buy for Genesco
Posted on at 7:40 am
The Nashville-based retailer has acquired Sports Fan-Attic, a chain of 37 stores in seven states, adding another headwear brand to an arsenal it’s been building up since 2004. The companies aren’t disclosing the deal’s price just yet, but if Sports Fan-Attic’s valuation is in line with Genesco’s deals for Hat World and Hat Shack, it was worth about $13 million to Genesco, whose shares (Ticker: GCO) fell almost 2 percent after hours Tuesday.
“We see great long-term potential for growing the Sports Fan-Attic store base, and look forward to bringing Genesco’s collective strength in the mall real estate market and our experience in managing new store growth to that process.”
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‘Not as consumer-friendly as we would have liked’
Posted on November 3, 2009 at 8:16 amDirect General on Friday closed — temporarily, it hopes — a number of its Florida stores after seeing a spike in losses it thinks are being caused by fraud.
Direct General spokeswoman Courtney Ryder said the inquiry has been under way “for quite some time,” but the company opted for a rather abrupt closure of its stores after it became concerned that fraud was widespread and customers were being affected.
“Many innocent people are being impacted by fraudulent behavior and the wrongs being committed here,” the company said in a statement. “We don’t want our customers to be among them.”
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Genesco in stock-for-debt swap
Posted on at 8:10 amNashville-based retailer Genesco will convert almost $30 million of bonds into common shares over the course of the next month. When that’s done, the company (Ticker: GCO) will have less than $25 million of long-term debt on its books. (Search for ‘Note 7.’)
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Another sign the Southeast consumer is hurtin’
Posted on November 2, 2009 at 12:22 pm
Grocery chain Publix, which runs 1,000 stores around the region, earned $255 million during the third quarter, up from $202 million a year ago. But same-store sales fell 4.7 percent versus a drop of ‘just’ 2.7 percent in the first half of this year.
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Tractor Supply director buys the dip
Posted on at 8:07 am
Jack Bingleman, a member of Tractor Supply’s board of directors since 2005, on Friday bought more than $110,000 worth of the retailer shares (Ticker: TSCO), which have fallen 15 percent in the past two weeks.
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Clarcor’s retail push has to settle for a single
Posted on at 7:33 amThe Franklin-based manufacturer’s pilot program to sell high-end HVAC filters under its Puralotor brand has unexpectedly ended, but CEO Norm Johnson is ready to move forward.
“Our team did a terrific job in all aspects of this project, and nothing we learned over the past four months changes our view that we have a winning combination of product, packaging and price. We are as excited about the retail marketplace as ever. Although we would have loved to hit a home run out of the box, the fact is that we are just beginning our retail efforts.”
Shares of Clarcor (Ticker: CLC) fell 3 percent Friday, pushing their 2009 losses to 11 percent.
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Tractor Supply’s short-sighted sellers
Posted on October 27, 2009 at 11:20 amMotley Fool’s Rob Plaza says those dumping Tractor Supply following its Q3 report last week are jumping off “one of the only growth stories in retail.” Tractor Supply shares (Ticker: TSCO) have gained 28 percent this year.
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Economy freezes Cracker Barrel execs’ pay
Posted on October 23, 2009 at 2:30 pmThe compensation committee of Cracker Barrel’s board of directors in late July froze the salaries of the company’s top executives. It is more than likely they will not thaw out until 2011.
In response to the general economic downturn and upon the recommendation of management, the salaries of all Named Executive Officers were frozen effective July 29, 2009. The salary freeze remains in effect as of the date of this proxy statement. Accordingly, we expect that the base salaries of the Named Executive Officers during 2010 will be the same as those for 2009…
And in case you were wondering, yes, the execs’ bonus plans aren’t changing, either. Check out the full proxy here.
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Tractor Supply catches its breath
Posted on at 7:33 am
A notable loser in Thursday’s stock exchange action was Tractor Supply, which lost more than 6 percent after Piper Jaffray analyst Mitch Kaiser downgraded the company to ‘underweight.’ Kaiser said the expected deflation is daunting enough to lower his 2010 EPS forecast by 6 percent.
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Downtown biz groups endorse Music City Center
Posted on October 22, 2009 at 3:40 pmThe backers of the proposed $635 million Music City Center have received the not-terribly-surprising support of three downtown-related hospitality and tourism groups.
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Vegas saw it first
Posted on at 9:08 amElectronic payment solutions provider Comdata launched a point-of-sale product suite at the National Association of Convenience Stores event in Las Vegas on Wednesday. Comdata Smart Solutions is being pitched for convenience stores, truck stops and unattended fuel locations.
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