Report: Big Lots off the block
New York City — Big Lots has decided not to sell itself after bids from private equity firms came in below the company’s expectations, according to The Wall Street Journal.
The chain reportedly had received interest from several buyout firms earlier this year, following which it decided to explore a sale. Two groups of private-equity firms — Bain Capital and TPG Capital, and Thomas H. Lee Partners and Advent International — had put in final bids, but they were below Big Lots expectations, the report said.
PetSmart records 28% profit gain in Q1, beats Street
Phoenix — PetSmart reported Wednesday that net income in the first quarter rose 28% to $70.9 million, compared with $55.6 million in the year-ago period. Results beat Wall Street expectations.
Revenue increased almost 7% to $1.49 billion, from $1.40 billion in the previous year. Same-store sales rose by 5%.
Children’s Place Q1 profit up 4%, forecasts miss Street
Secaucus, N.J. — The Children’s Place Retail Stores reported Thursday that profit for the quarter ended April 30 rose 4% to $29.1 million, compared with $27.9 million a year earlier. The retailer cited better product assortment, strong online sales and inventory-control efforts for the improved performance.
Children’s Place also increased the low end of its full-year earnings outlook range, but its 2011 and second-quarter forecasts missed Wall Street’s expectations.
Revenue for the quarter rose 2% to $430.8 million, helped by a 24% increase in online revenue. Wall Street forecast revenue of $432.1 million.
Same-store sales dropped 3.2%.