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Bed Bath & Beyond profit climbs in Q4; 60 stores on tap in 2010

BY CSA STAFF

Union, N.J. Bed Bath & Beyond reported that its fiscal fourth-quarter profit grew 60%. For the quarter ended Feb. 27, Bed Bath posted a profit of $226 million, up from $141.4 million a year earlier.

Meanwhile, revenue jumped 17% to $2.24 billion, helped by the net addition of 17 stores in the quarter.

Same-store sales grew 12%, topping the company’s guidance of up 3% to 5% and outpacing the 7.3% increase in the fiscal third quarter. Before a period of weakness during the recent recession, same-store sales rose in every quarter since Bed Bath & Beyond went public in 1992.

The company said Wednesday that inventory per square foot of retail space increased only 1.8% in the quarter, compared with the 12% same-store sales growth.

The company said Wednesday that inventory per square foot of retail space increased only 1.8% in the quarter, compared with the 12% same-store sales growth.

Bed, Bath & Beyond plans to add 60 stores in fiscal 2010 after adding 67 last year.

CEO Steven Temares said capital expenditures are forecast at $225 million, up 46% from the $154 million spent last year. Investments will focus on new stores, improvements to existing stores, information-technology enhancements and other projects, he said.

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RadioShack names new chief merchant

BY CSA STAFF

FORT WORTH, Texas RadioShack announced the appointment of Scott Young as EVP and chief merchandising officer. In this role, Young will be responsible for developing and implementing RadioShack’s merchandising, product development and allocation functions to support the company’s strategic focus on mobility, innovation, connectivity and personal service.

Young joins RadioShack from LodgeNet Interactive, where since 2006 he has been divisional president and chief marketing officer. Previously, Young spent seven years at Best Buy, where he held numerous positions within the merchandising function, including VP merchandising.

“We are delighted to welcome Scott to The Shack,” said Julian Day, RadioShack’s chairman and CEO.

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Report: Retail shows gains in March

BY CSA STAFF

PURCHASE, N.Y. According to the MasterCard Advisors’ SpendingPulse report, most retail sectors continued to demonstrate solid year-over-year gains in March as easy year-over-year comparisons helped produce positive growth rates. From a geographic point of view spending was positive across most regions of the country, the Pacific Coast being the exception.

Michael McNamara, VP research and analysis for SpendingPulse, observes, “Areas showing the largest year-over-year increases were online sales and luxury retailers.  In addition, all areas of apparel were also comfortably in positive territory.   Prices maintained their levels as inventories continued to be aligned with demand and retailers did not seem to have had to resort to discounting in order to drive traffic during the Easter shopping season.”

 

The e-commerce channel was up 18.4% from last year, its 8th consecutive month of double digit growth, demonstrating that the channel continues to grow at a faster rate than traditional brick and mortar stores.

 

Luxury sales posted a 22.7% year-over-year increase.  It is important to note that this is being measured against March 2009, a month in which we saw significant double-digit declines in this sector.

 

Specialty apparel Sales increased a solid 5.2% with strength across the board as every subsector posted positive year-over-year gains. Some of the strength in this category may be attributed to an earlier Easter this year, pushing much of the pre-Easter spending into March.

 

Overall electronics sales were up 4.9% year-over-year, posting a strong growth of 6.8% in the appliance sub-sector and a gain of 4.5% year-over-year for consumer electronics sales.  Tempering this, it is important to note that this sector is still down 4.2 % when compared to March of 2008.

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