Pier 1 Imports profit nearly doubles in Q1
Fort Worth, Texas — Pier 1 Imports reported Thursday that its fiscal first-quarter profit nearly doubled, rising to $14.1 million, compared with $7.7 million in the prior year period.
Revenue increased 9% to $334.6 million from $306.3 million. Same-store sales rose 10.2%.
Report: Wal-Mart cutting costs through innovative supply chain
Bentonville, Ark. — A report Thursday by Bloomberg said that Wal-Mart Stores is battling rising commodity prices by working with its suppliers to avoid price increases, among other strategies.
“We find creative ways to work around it,” Doug McMillon, president and CEO of Wal-Mart International, told Bloomberg. “First we try to keep our costs as low as we can, secondly work with our supply chain as best we can.”
Wal-Mart is “innovating” with transport and packaging to reduce costs, he said.
Bilbrey officially steps in as Hershey head
HERSHEY, Pa. — Just one month after filling in as the interim leader of chocolate giant Hershey, John Bilbrey officially took the reigns as president and CEO of the company.
Bilbrey also was elected to Hershey’s board of directors, Hershey said Wednesday. Bilbrey, who served as the company’s EVP and COO until May, replaced David West, who exited left his post after 10 years to become the chief executive at Del Monte Foods.
Commenting on his appointment, Bilbrey said that the company is on track to deliver 2011 net sales — including the impact of foreign currency exchange rates — and adjusted diluted earnings per share growth to be around the top of the company’s long-term 3% to 5% and 6% to 8% goals, respectively.
"It is a unique privilege to lead The Hershey Co. Hershey has iconic brands, exceptional people, unmatched capabilities and enormous potential," Bilbrey said. "I’m very grateful for the board’s confidence, and we are fully aligned on how to move the company forward. Our company is structured for global growth, and I look forward to building on our recent performance, consistent with Hershey’s great heritage and values."