Bed Bath & Beyond has dreamy Q1
Union, N.J. – Bed Bath & Beyond Inc. reported positive financial results for the first quarter of fiscal 2013. Although net earnings fell from $206.8 million to $202.5 million, net earnings per diluted share increased roughly 4.5% from $0.89 to $0.93.
Net sales for the fiscal first quarter of 2013 were approximately $2.6 billion, an increase of approximately 17.8% from net sales of approximately $2.2 billion reported in the fiscal first quarter of 2012. Comparable store sales in the fiscal first quarter of 2013 increased by approximately 3.4%, compared with an increase of approximately 3% in last year’s fiscal first quarter.
As of June 1, 2013, the company had a total of 1,478 stores, including 1,008 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 266 stores under the names of World Market or Cost Plus World Market, 83 buybuy Baby stores, 73 stores under the names of Christmas Tree Shops or andThat!, and 48 stores under the names of Harmon or Harmon Face Values. During the fiscal first quarter, the Company opened four Bed Bath & Beyond stores, two World Market stores, one buybuy Baby store and one Harmon Face Values store and closed one Christmas Tree Shops store.
DSW and Loehmann’s step into shoe agreement
DSW’s division the Affiliated Business Group has entered into a joint agreement with Loehmann’s which renders ABG the sole supplier for Loehmann’s footwear departments in the company’s U.S. locations and e-commerce site.
The initial roll out is expected to begin at a few stores starting December, with the balance of the chain and e-commerce launching in the first quarter 2014. ABG will plan, procure and deliver the entire women’s and men’s footwear inventory, while Loehmann’s will provide staffing for the shoe departments.
"We are thrilled with our partnership with ABG,” said Loehmann’s CEO Steven Newman. “Through their association with DSW Inc., ABG’s expertise in creating a compelling assortment in footwear at everyday value will elevate our product offering to our savvy fashion conscious customers who already find great designers at amazing prices at our Loehmann’s stores as well as our website."
"We look forward to partnering with Loehmann’s,” added DSW president and CEO Mike MacDonald. “Our broad supplier base, product knowledge and retail capability will support Loehmann’s brand positioning objectives. We are confident our partnership will bring our expertise and passion for footwear to Loehmann’s customers."
ABG partners with multi-category retailers in the development of strategies and business models designed to build seamless on-brand shoe assortments.
"We are very pleased to partner with Steven and the Loehmann’s team,” said ABG’s SVP and GM Christopher Lanning. “We are committed to customizing a fashion footwear assortment and shopping experience that will meet the footwear needs and desires of Loehmann’s customers.”
DSW is a leading branded footwear, handbag and accessories retailer that offers a wide selection of brand name and designer fashion for women, men and children. It operates 377 stores in 42 states, the District of Columbia and Puerto Rico, and operates an e-commerce site and a mobile website. DSW also supplies footwear to 347 leased locations in the United States under the Affiliated Business Group.
Loehmann’s has stores in 11 states and D.C. and operates an e-commerce site. The department store offers consumers discount women’s dresses, suits, sportswear, shoes, handbags and accessories as well as menswear.
Land O’Lakes fills vacant CIO spot
ARDEN HILLS, Minn. — Land O’Lakes has promoted Mike Macrie to the position of VP and chief information officer. Macrie replaced Barry Libenson, who after running IT for three years, left the company to be CIO at Safeway.
Macrie joined Land O’Lakes in 2010 as VP and senior director of Ag Services IT.
"Mike has shown tremendous leadership through the successful transformation of Ag Services technology, including our proprietary R7 satellite imaging platform and rebranding of Winfield and Purina across intranet and customer sites," said CFO Dan Knutson. "It’s a testament to the internal bench of talent built at Land O’Lakes that gives us the opportunity to promote an internal candidate to CIO."
Macrie previously held a number of roles at Ingersoll Rand, AlliedSigna, G5 Technologies and Multi-Media Solutions. He has an MBA from Duke University and a bachelor’s of science from Cornell University in applied and engineering physics.
"As Land O’Lakes focuses on accelerating growth, Mike and the IT leadership team will help drive our business transformation through technology, achieve returns from our IT investments and support our co-op’s IT growth needs," Knutson said.
Land O’Lakes is a national, farmer-owned food and agricultural cooperative with annual sales of more than $14 billion. The nation’s second-largest cooperative,, Land O’Lakes does business in all 50 states and more than 60 countries. It is a leading marketer of a full line of dairy-based consumer, foodservice and food ingredient products across the United States; serves its international customers with a variety of food and animal feed ingredients; and provides farmers and ranchers with an extensive line of agricultural supplies, such as feed, seed and crop protection products and services, under the operations of WinField and Purina Animal Nutrition. Land O’Lakes also provides agricultural assistance and technical training in more than 25 developing nations.