Report: Ackman sticking with J.C. Penney
New York — A Wednesday report by Women’s Wear Daily quoted activist investor Bill Ackman, whose Pershing Square Capital Management is the largest shareholder of J.C. Penney Co., as saying that he won’t abandon the retailer following this week’s CEO shake-up.
"We are not going anywhere," Ackman told WWD in his first public comments since Ron Johnson was fired as CEO on Monday. "In fact, we’re going the other direction. We’re digging in."
Ackman helped to recruit Johnson to Penney, and had been his most vocal supporter throughout the past year. However, last Friday, he turned more critical of the CEO.
Bed Bath & Beyond Q4 and full-year profit rises
Union, N.J. — Bed Bath & Beyond Inc. reported Wednesday that net income for the quarter ended March 2 increased 14% to $373.9 million, compared with $351 million in the year-ago period. But the retailer’s guidance for the current quarter came up short.
Sales leaped 24.5% to $3.401 billion, from $2.732 billion, and same-store sales rose 2.5%.
For the fiscal year, net earnings rose 12% to $1.038 billion), from $989.5 million. Full-year revenue rose 14.9% to $10.915 billion, and same-store sales for fiscal 2012 increased 2.7%.
Since the beginning of the first quarter, the company has opened one buybuy BABY store and two Bed Bath & Beyond stores, plus has opened a third store in Mexico through a joint venture.
Report: Wal-Mart exec who called sales ‘total disaster’ has left
New York — A Wednesday report by Reuters said that Jerry Murray, the Wal-Mart finance VP who called the chain’s early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5.
Wal-Mart Stores has confirmed the report, telling Reuters that it was Murray’s decision to leave and that his last day at Wal-Mart was Friday.
"In case you haven’t seen a sales report these days, February (month-to-date) sales are a total disaster," Murray said in a Feb.12 email to other executives, Bloomberg reported on Feb.15. "The worst start to a month I have seen in my (about) seven years with the company.