Bed Bath & Beyond Q2 profit up 26%, talks expansion
Union N.J. — Bed Bath & Beyond reported Thursday that net income for the quarter ended Aug. 27 rose 26% to $229.4 million, amid improved sales and contained costs. Sales for the quarter rose 8.3% to $2.3 billion, and same-store sales increased 5.6%.
In its quarterly conference call, the company said it sees an opportunity to operate in excess of 1,300 Bed Bath & Beyond stores, as well as grow its Christmas Tree Shops and buybuy Baby concepts nationwide. Additionally, it will continue to open Harmon Face Values store. Including the 24 stores it has opened to date, it anticipates opening a total of about 40 stores across all its concepts in fiscal 2011.
The retailer raised its third-quarter and full-year outlook.
Express makes Canada debut, plans 56 stores in five years
New York City — Express said Thursday that it has opened its first Canadian location, a 10,000-sq.-ft. store at Fairview Mall in Toronto.
The retailer said it plans to open a total six stores in Canada by the end of 2011, and an additional 50 stores across the country over the next five years.
In November, Express will have three locations opening in Calgary at Southcentre, Chinook Centre and Market Mall as well as an additional store in Toronto at Square One.
"Canada is the perfect country for Express’ first foray into wholly-owned international bricks and mortar locations thanks to its cosmopolitan cities filled with young, fashionable men and women," said Michael Weiss, president and CEO of Express.
The product assortment in Canada will mirror that of U.S. stores, according to the company. Store design will feature a white color palette with black accents, white lacquer fixtures and an open ceiling plan.
Martha Stewart to launch home office line at Staples
FRAMINGHAM, Mass. — Staples announced that it has teamed up with Martha Stewart Living Omnimedia and Avery Dennison to create a new line of home office products.
The Martha Stewart Home Office with Avery product linewill debut in early 2012 with more than 300 SKUs across multiple product categories, which will be sold exclusively at Staples.
"The home office or work area is often a hub for the busy, modern household and a growing number of home-based entrepreneurial initiatives. To manage works in progress and keep accurate records, it helps to have a good system of organization and well-designed products that are as functional as they are beautiful," said Martha Stewart, founder of Martha Stewart Living Omnimedia. "I am happy to be working with Avery Dennison and Staples to offer consumers affordable, quality products that will inspire them to enhance, improve and brighten their home office environment."