H&M Q3 profit falls 15%, to add 265 stores
Stockholm, Sweden — Hennes & Mauritz AB reported Thursday that profit for the third quarter fell 15% to $533 million, from nearly $621 million in the year-ago period. The Swedish fashion retailer cited rising procurement costs, marketing investments and a bump-up in new-store expansion for the decrease in profit.
H&M said it will add 265 new stores, up from the 250 previously planned, and will make market debuts in Indonesia and Thailand.
Sales for the quarter were essentially flat at $4.7 billion, performance the company said it found satisfactory since large parts of Europe had experienced a warmer-than-usual start to the autumn season.
Bartell’s launches card for local charitable donations
SEATTLE — Bartell Drugs is introducing a new way for customers to donate to local schools and nonprofit organizations, the regional retail pharmacy chain said Thursday.
Bartell’s announced the launch of the "B" Caring Card program. Customers who enroll in the program can present the card for scanning whenever they shop at a Bartell’s store, and 4% of the purchase amount will be contributed to qualifying organizations, such as schools, churches, athletic groups and youth groups. Customers can designate up to three schools or nonprofit organizations to receive benefits. The company also is working with eScrip, a company that establishes relationships between commerce and communities.
"We are so excited to have Bartell’s coming on the eScrip program," said Amy Perez, eScrip coordinator for Lake Wilderness Elementary School, in the Seattle suburb of Maple Valley, Wash. "There is a Bartell’s close to our school, and we are excited for the great addition they will make to our eScrip program."
Family Dollar appoints Edward Garden to board
MATTHEWS, N.C. — The chief investment officer of Trian Fund Management has been named to the board of directors at Family Dollar, the retailer announced.
Edward Garden’s appointment as board member is effective immediately. With this appointment, Family Dollar’s board expands to 11 directors.
“We are firmly committed to enhancing value for all Family Dollar stockholders and have always welcomed open dialogue with our shareholders,” Family Dollar chairman and CEO Howard Levine, said. “We are pleased to appoint Ed Garden to the Family Dollar board and look forward to working closely with him. Ed brings to Family Dollar the perspective of a major stockholder and years of experience investing in and working with consumer related companies. His expertise will be valuable to the Company as we continue to drive growth and further strengthen our business.”
Garden, who also is a founding partner of Trian, also is a member of the board for fast food chain Wendy’s.