Bed Bath & Beyond Q3 profit rises 28%
Union, N.J. — Bed Bath & Beyond Inc. reported Wednesday that profit for the quarter ended Nov. 26 rose 28% to $228.5 million, compared with $188.6 million in the year-ago period.
Revenue rose 6.8% to $2.3 billion, from $2.2 billion a year earlier. Same-store sales increased 4.1%.
During the quarter, the company opened seven Bed Bath & Beyond stores, seven Buybuy Baby stores, one Christmas Tree Shops store and one Harmon Face Values store.
First Data mid-month overview: Card spending growth solid
Atlanta — The SpendTrend report released Wednesday by First Data Corp., which tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations, showed that card spending growth has remained solid through mid December.
According to the report, for the first two weeks of December 2011, overall dollar volume growth was steady compared with November levels. Card spending growth was stronger than this period last year. Retail dollar volume and transaction growth were both up from November. Among retail categories, clothing/accessory and general merchandise stores posted healthy dollar volume growth in early December and were up significantly from November.
“Historically, there has been some slowing in spending between Black Friday and the last week before Christmas,” said Silvio Tavares, senior VP and division manager of First Data Global Information and Analytics Solutions. “This year we did not see that occur as consumers kept spending on discounted goods.”
American Eagle debuts in three international markets
Pittsburgh — American Eagle Outfitters announced Wednesday that it has opened stores in three new international markets — Morocco, Jordan and Egypt.
The company said it also opened its third store in Saudi Arabia, and has plans for a second store in Lebanon in early 2012. The retailer currently operates in Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia, and the UAE through its franchise partner, M.H. Alshaya.
American Eagle Outfitters opened in Jordan on Nov. 30 in Taj Mall. Morocco’s store opened in Casablanca at Morocco Mall on December 1. The Egypt store is located in Cairo’s City Stars Mall, and opened on Dec. 10.
The partnership with Alshaya, signed in May 2009, was AEO’s first foray into brick-and-mortar stores outside of North America. Since then, AEO has opened stores in Russia, China and Hong Kong, and signed franchise agreements for stores in Japan and Israel as well, working with various franchise partners.