OPERATIONS

Passionate Pets names former Petco exec to board

BY Staff Writer

Irvine, Calif. — Pet retailer Passionate Pets said Thursday it has named Keith Martin, former senior VP operations at Petco, to its board of directors.

The company also named Todd Peterson, CPA at KSNE2 Enterprises, to the board.

The company is preparing for an IPO and, according to its president and CEO John Dunn, who worked with Martin at both Petco and Office Depot, the pair is expected to help lead Passionate Pet through the IPO stage.

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FINANCE

Bed Bath & Beyond Q2 profit up 26%, talks expansion

BY Katherine Boccaccio

Union N.J. — Bed Bath & Beyond reported Thursday that net income for the quarter ended Aug. 27 rose 26% to $229.4 million, amid improved sales and contained costs. Sales for the quarter rose 8.3% to $2.3 billion, and same-store sales increased 5.6%.

In its quarterly conference call, the company said it sees an opportunity to operate in excess of 1,300 Bed Bath & Beyond stores, as well as grow its Christmas Tree Shops and buybuy Baby concepts nationwide. Additionally, it will continue to open Harmon Face Values store. Including the 24 stores it has opened to date, it anticipates opening a total of about 40 stores across all its concepts in fiscal 2011.

The retailer raised its third-quarter and full-year outlook.

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REAL ESTATE

Express makes Canada debut, plans 56 stores in five years

BY Katherine Boccaccio

New York City — Express said Thursday that it has opened its first Canadian location, a 10,000-sq.-ft. store at Fairview Mall in Toronto.

The retailer said it plans to open a total six stores in Canada by the end of 2011, and an additional 50 stores across the country over the next five years.

In November, Express will have three locations opening in Calgary at Southcentre, Chinook Centre and Market Mall as well as an additional store in Toronto at Square One.

"Canada is the perfect country for Express’ first foray into wholly-owned international bricks and mortar locations thanks to its cosmopolitan cities filled with young, fashionable men and women," said Michael Weiss, president and CEO of Express.

The product assortment in Canada will mirror that of U.S. stores, according to the company. Store design will feature a white color palette with black accents, white lacquer fixtures and an open ceiling plan.

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