Cato Reports 4% Rise in November Same-Store Sales
Charlotte, N.C. The Cato Corp. reported sales for the four weeks ended Nov. 29 of $60.6 million, an increase of 4% over sales of $58.4 million for the four-week period ended Dec. 1, 2007. Comparable-store sales for the month increased 2%.
Sales for the 10 months ended Nov. 29 were $697.2 million, an increase of 2% over sales of $683.4 million for the 10 months ended Dec. 1, 2007. The company’s year-to-date comparable-store sales decreased 1%.
“Although November sales were better than expected, we continue to estimate fourth-quarter comp-store sales to be in our previous guidance range of down 3% to flat,” stated John Cato, chairman, president, and CEO.
In November, Cato opened four stores, relocated two stores and closed one store. New stores opened in Derby, Kan., Dumas and Houston, Texas and Richmond, Va. The relocated stores were in Elkin, N.C. and Marion, S.C.
Best Buy: Americans concerned about buying the right gift
MINNEAPOLIS A recent Best Buy nationwide survey found that three-quarters of Americans, while concerned about price, say that getting someone the right gift is their number one priority. In addition, when it comes to consumer electronics gifts, customers say assurance and advice are top priorities when they are making purchase decisions.
The Best Buy survey shows one out of four consumers (25%), believe the right gift this year is consumer electronics, and price isn’t all that drives their decisions. When buying electronics gifts, shoppers want a retailer that offers a good return policy (85%), post purchase technical support (80%), price matching for their purchases (79%) and knowledgeable salespeople to provide good advice (76%).
Whole Foods add new board members
AUSTIN, Texas Whole Foods Market announced that it recently has added four new members to its board of directors, bringing the size of the board to ten.
The new board members include Stephanie Kugelman, vice chairman emeritus of Young & Rubicam Inc. and chairman of A Second Opinion strategic consulting group, and Kip Tindell, chairman and ceo of The Container Store. Additionally, Jonathan Seiffer, partner, and Jonathan Sokoloff, managing partner, both of Leonard Green & Partners, L.P. (LGP), have also joined the board in connection with LGP’s recent preferred stock investment in Whole Foods Market. Whole Foods Market closed its sale of preferred stock to LGP today.
“These four talented leaders bring unique wisdom and complement the experience of our current board members,” said John Mackey, chairman, ceo, and co-founder of Whole Foods Market. “In this challenging economic environment, we feel fortunate to have this fresh addition of intellectual capital.”