New Land For Park Authority — The Fairfax County Board of Supervisors has transferred 11.7 acres of land near Dulles Station Boulevard to the Fairfax County Park Authority. The property in Herndon will be known as Dulles Rock Hill Park. A community park will be established through a developer proffer agreement in the near future. The park facilities were proffered as part of a nearby rezoning case for a 411-unit multifamily project that could not accommodate on-site recreational facilities. The applicant has agreed to spend $1.5 million to create a park on the property and maintain it in perpetuity.
Kudos To Scholars — Several local high school seniors have been named National Merit Semifinalists. Isabel Garvey, Allison Johnson, and Sahana Thirumazhusai of South Lakes High School and Robert Moore and Charlie Shen from Herndon High School are among the 205 Fairfax County Public Schools students named to the prestigious list. [FCPS]
Silver Line Executive Departs — Sam Carnaggio, one of the top executives responsible for overseeing construction of the first phase of the Silver Line rail project, is retiring. [Washington Post]
Waiting List For FCPS Renovations — Of Fairfax County’s 196 schools, 63 sit on an ordered list of schools waiting for upgrades. One reason the line moves slowly is lack of funding. [Fairfax Times]
-Canada’s Retail Sales Rise in May For Second Straight Month as Auto Sales Hit Record [Financial Post]
Bond Street has been named the world’s fourth most expensive shopping street as rents reach $1,321 (£868) a year per square foot.
Carrefour has sold off 10 % of its Brazilian activities to Abilio Diniz, who earlier had a nasty fight with French Casino after he had courted Carrefour about the control of his Pão de Açúcar firm.
Peninsula, Brazilian Abilio Diniz's investment firm, buys the 10 % share for 525 million euro. Carrefour CEO Georges Plassat describes Diniz as "the best partner to support our growth". "The agreement we have reached is a clear demonstration of our long-term commitment to Brazil, our second-biggest market." Carrefour managed a 10.2 billion euro turnover in 2013, in 256 stores and with 72,000 employees.
This transaction is a significant first step in the plan to "bring outside investors into the capital of its Brazilian subsidiary in order to strengthen its local ties and support its growth", Carrefour said. The group's statement makes it seem like the entire operation may lead to an IPO on the Brazilian stock exchange.
Abilio Diniz is a known figure in the French distribution world: alongside the French distribution giant Casino, he used to maintain control over Brazil's largest retailer, Pão de Açúcar, for years.
The collaboration ended in 2011 after it leaked that Diniz had contacted Casino's arch rival Carrefour. The result was a nasty fight which lasted 2 years and which Abilio Diniz eventually lost.
JD Sports’ skyrocketing sales in its annual financial report has prompted it to brush aside Brexit woes in “period of significant progress”.
In the 12 months to January 28, the sportswear retailer’s pre-tax profits shot up 81 per cent to £238 million, while profit before tax came in at £244.8 million, seeing a rise of nearly 200 per cent in the last three years.
This was driven by double digit growth in both its sports apparel division and a boost of 10.4 per cent in online sales compared to the year prior.
Online sales now accounted for 13.2 per cent of the retailers‘ sales as it lays out plans to invest heavily in multichannel.
The effect of the strong euro against the weakened pound was responsible for a small growth in margins, as the company‘s European business relies on UK-sourced and distributed items.
Meanwhile, the group‘s outdoor arm which includes Go Outdoors, Blacks and Millets posted a profit for the first time, seeing a £1.2 million profit compared to 2016‘s £4 million loss.
Last year‘s acquisition of the outdoor apparel giant Go Outdoors is said to have not had an impact on its results, but JD Sports was “confident” it would enhance its outdoor offering in the long term.
“This has been another period of very significant progress for the group,” executive chairman Peter Cowgill said.
“The foundation of this success remains our core sports fashion fasciae where JD‘s continued strength in its core markets is increasingly being complemented by momentum in our international development.
“Whilst we must recognise that there are external influences which may impact the latter part of the year, notably inflationary pressures arising from Brexit, the board remains confident in the robustness of the JD proposition and believes that the group is well positioned for further profitable growth.”
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