Hurricane Katrina Boosts Home Depot Sales
Atlanta, The Gulf Coast monster hurricane that is buffeting Louisiana, Mississippi and Alabama has provided an unasked-for lift to sales at The Home Depot and its top competitor, Lowe’s. Consumers in the three hardest-hit states, as well as in Florida, have stocked up on plywood and safety supplies such as flashlights and batteries.
Sales are anticipated to track well after Hurricane Katrina passes through, as consumers begin to rebuild homes, businesses and other properties damaged by the storm. But the storm’s full effect on sales depends in part on how much damage the stores themselves suffer and how long they will be closed.
About a dozen Home Depot stores from New Orleans to Pensacola, Fla., are closed. About 10 Lowe’s stores in Louisiana, Mississippi and Alabama are closed.
Both chains have command centers in full operation, and safety inspectors will begin walking through stores tonight, as possible, to inspect for damage and to provide reopening recommendations.
Jones Apparel Group Names Executive
New York City, Jones Apparel Group, which operates the Barneys New York chain as well as designs, markets and wholesales branded apparel, footwear and accessories, today announced that Clare Cuthbert has been appointed president of the company’s accessories division.
Cuthbert formerly held senior positions with Bloomingdale’s, Bergdorf Goodman, Bendels, Donna Karan and Esprit.
Big 5 Gets Nasdaq Extension
El Segundo, Calif., Big 5 Sporting Goods Corp. said Nasdaq has given it another extension, this one until Aug. 31, to file financial statements for past periods. The retailer risks being delisted if it fails to meet the latest deadline. Earlier this week, Big 5 hired a new CFO, Barry D. Emerson, who will start in early September. His hiring comes after the company said earlier this month it was seeking a new CFO with a strong accounting background, given its financial reporting problems. The company is in the midst of correcting accounting errors related to accounts payable and leases, among other items.