Ann Taylor Names Non-Exec Chairman of the Board
New York City, Ann Taylor Stores has announced the election of Ronald W. Hovsepian as non-executive chairman of the board, effective upon the retirement of J. Patrick Spainhour as chairman and CEO. Hovsepian has been a member of the Ann Taylor board since 1998.
According to the company, the appointment is an important step in its management succession plan, which has been designed to assure a smooth transition to Ann Taylor’s next generation of leaders.
Bed Bath & Beyond Finds Financial Success
Union, N.J., Housewares retailer Bed Bath & Beyond has exceeded financial expectations for 52 consecutive quarters. The company plans to continue this trend by opening 500 stores in the next five to seven years. It expects to open 85 of those stores this fiscal year, which ends in February 2006.
Currently, the company has 675 Bed Bath & Beyond stores and 35 Harmon stores. The company acquired Christmas Tree Shops, a chain of 26 stores, last year.
Sports Authority Shows Growth
Englewood, Colo., The Sports Authority reported net income for the second quarter was $14.2 million, compared to $6.8 million in the same quarter last year. Total sales for the second quarter were $617.0 million compared with $605.0 million in the prior year’s second quarter, an increase of $12.0 million, or 2.0%. Second-quarter comparable-store sales for the company increased 0.2%.
Doug Morton, CEO, commented, “We exceeded earnings expectations for the second quarter driven by improvements in gross margin and effective management of our operating expenses.”
The company opened one store and closed two stores during the second quarter. As of July 30, it had 392 stores in 45 states.