Bed Bath & Beyond profit leaps 31% in Q1
Union, N.J. — Bed Bath & Beyond reported Wednesday that net income for the first quarter jumped 31% to $180.6 million, compared with $137.6 million in the year-ago period.
Revenue surged 10% to $2.11 billion, and same-store sales rose 7%. Results surpassed Wall Street expectations of $2.07 billion in revenue.
Bed Bath & Beyond has raised its outlook, now expecting full-year earnings to rise 15% to 20% over last year.
Long-time food retail exec named CFO at Chico’s
FORT MYERS, Fla. — Chico’s has named Pamela Knous EVP, CFO and chief accounting officer. Knous assumes the principal finance, accounting, investor relations, and strategic planning responsibilities currently under the direction of Kent Kleeberger, who was appointed to the position of EVP, COO in March. Knous is expected to join the company on June 23 and will report directly to Chico’s president and CEO, David Dyer.
Commenting on the appointment, Dyer said, "Pam Knous brings 20 years of retail finance experience to Chico’s FAS and will play a key role in our efforts to become a leading earnings growth company among specialty retailers."
Knous served as EVP, CFO of Supervalu from September 1997 to July 2010, where she was responsible for finance, accounting, information technology, strategic planning, investor relations, and its Bristol Farms operation. Before joining Supervalu she was EVP, CFO and treasurer of The Vons Companies, Inc., now part of Safeway Inc., and prior to that Knous was a partner in the Los Angeles office of KPMG Peat Marwick, the international audit, tax and advisory firm.
Walmart supports summer services for kids with $25 million
WASHINGTON — Walmart announced that, through its charitable arm the Walmart Foundation, it has launched a $25 million giving campaign aimed at filling the gaps created when schools close for the summer. Funding to more than 350 local nonprofit organizations will help expand nutrition, learning and employment services for elementary, middle and high school students throughout the 2011 summer months, the company reported.
Walmart said it would address the achievement gap between higher- and lower-income youth by focusing on three key areas:
Providing eight million meals to more than 85,000 school-age children in lower-income or inner-city areas, by donating $7.8 million in funding to the YMCA of the USA, National Recreation and Park Association and community organizations in Atlanta, Birmingham, Ala., Portland, Ore., San Jose, Calif. and other urban and rural communities.
Helping 20,000 kids access summer learning programs through a $11.5 million grant to the National Summer Learning Association to support programs in Baltimore, Boston, Chicago, Detroit, Indianapolis, Los Angeles, New York City, Sacramento, San Diego and Washington, D.C.
Providing summer jobs to more than 5,000 inner-city youth in Chicago, Detroit, Los Angeles, New York City and Washington, D.C with the help of a $5 million grant.
Walmart’s EVP corporate affairs, Leslie Dach stressed the company’s commitment to children this summer, saying, "Kids should have every opportunity to grow into successful adults and we’re doing our part to make sure that’s the case this summer. From helping thousands of kids stay active and learn, to supporting summer job programs and providing nutritious meals, we’re committed to making a difference."