Best Buy Signs Leases for 28 New Stores
Minneapolis, Best Buy Co. Inc. has signed leases for 28 new stores in 18 states in both existing and new markets, according to the Associated Press. The Minneapolis-based electronics retailer plans to open about 60 domestic outlets during its 2006 fiscal year starting Feb 27. In the first half of its fiscal year, the company expects to enter seven new markets: Bend and Springfield, Ore.; Honolulu; Sioux City, Iowa; St. Joseph, Mo.; Tupelo, Miss.; and Victoria, Texas, the AP reported.
Starbucks Asks for 5-Day Filing Delay
San Francisco, Starbucks Corp. said it is filing with the Securities and Exchange Commission (SEC) for a five-day extension of the filing date for its first-quarter report. The company is looking into issues related to accounting for leases. The company’s 10-Q form was due on Feb. 11, but now is expected to be filed Feb. 16.
May Co. Sales and Earnings Slip in Q4
St. Louis, May Department Stores Co. posted net earnings of $339 million in the fourth quarter ended Jan. 29, down 20.2% from $425 million in the same quarter last year. Sales increased 12.1% to $5.04 billion. Same-store sales-decreased 5.2%.
The company said the integration of Marshall Field’s continues on schedule. The majority of merchandise and financial systems were converted successfully during the first week of February. The remaining system conversions primarily relate to store point of sale equipment. May acquired 62 Marshall Field’s department stores in eight states last year.