Cost Plus 3Q Income Falters Despite Higher Sales
Oakland, Calif., Cost Plus reported net income of $400,000 in the third quarter, down from $900,000 in the year-ago period. The merchant’s sales were up 12% to $190.4 million, helped by comps growth of 0.5%.
Survey Expects Boost in Gift Spending
St. Louis, Retailers can expect to benefit from a slight boost in sales as shoppers hit the aisles this holiday season. According to a recent Maritz Poll, consumers plan on spending an average of $50 more on gifts this season than in 2003.
The survey forecasts that the average consumer will spend more than $820 on gifts, up from last year’s average of $775, but still less than 2001’s estimated holiday spending of $845.
“Despite recent slips in the Consumer Confidence Index, our studies are showing a slow, steady increase in planned holiday spending,” said Gloria Park Bartolone, vice president of the Retail Research Group at Maritz Research. “The increase in anticipated gift spending is complemented by another Maritz Poll that shows consumers also are planning to spend more on holiday travel.”
Retailers could start seeing the benefits of holiday shopping sooner this year. More than one in 10 shoppers who took part in the Maritz Poll (13%) plan to start earlier this year than last year. The top three reasons for shopping earlier include: taking advantage of sales, having more money to spend and avoiding the crowds.
G.I. Joe’s Gets New Investment Partner
Wilsonville, Ore., G.I. Joe’s Sports & Auto Stores has completed an $11.5-million investment agreement with Nogales Investors, a Los Angeles-based private equity firm. The specialty retailer says it will use the bulk of the funding to open new stores and to acquire new locations in the Northwest.