Report: Market Basket to continue $300 million payout
Tewksbury, Mass. – DeMoulas Supermarkets Inc., operator of the Market Basket supermarket chain, has reportedly been allowed by a judge in Suffolk Superior Court in Massachusetts to continue making a $300 million payout to shareholders.
According to the Boston Globe, Judge Judith Fabricant denied a motion by Arthur T. DeMoulas, president of DeMoulas Supermarkets, to stop the payout, which had been approved by a majority of the company’s board of directors. All nine shareholders receiving the payout are members of the DeMoulas family.
Report: New Balance HQ to include retail space
Boston – A new headquarters complex athletic shoe manufacturer New Balance is constructing in the Brighton section of Boston will reportedly include 65,000 sq. ft. of retail space.
According to the Boston Business Journal, ground has been broken on the $500 million, 1.45 million-sq.-ft. site. In addition to New Balance corporate headquarters and retail space, the site will also include an athletic complex, NHL-regulation hockey arena, a hotel, office space, 1,750 parking spaces and its own commuter rail stop.
Bed, Bath & Beyond boosts Q2 earnings, sales
Union, N.J. – Bed, Bath & Beyond, Inc. reported year-over-year increases in net income, net sales and same-store sales during the second quarter of fiscal 2013. Net income grew about 18%, to $249.3 million from $224.3 million.
Meanwhile, net sales increased about 9%, to $2.82 million, from $2.59 million. Same-store sales grew about 3.7%. The addition of revenue from World Market and Linen Holdings, an increase in same-store sales driven by an increase in transaction count and average transaction amount, and the opening of new stores were all key factors in Bed, Bath & Beyond’s net sales growth.
Bed, Bath & Beyond beat Wall Street expectations with its strong quarterly performance. However, analysts do not expect the retailer to perform quite as well in the current fiscal quarter.
Looking ahead, Bed, Bath & Beyond expects net sales to increase by 6% to 8% in the third quarter and decline by 2% to 4% in the fourth quarter. Same-store sales are expected to increase 1% to 3% for the third quarter and 3.5% to 5.5% for the fourth quarter.
As of August 31, 2013, the company had a total of 1,484 stores, including 1,009 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, 266 stores under the names of World Market, Cost Plus World Market or Cost Plus, 86 buybuy Baby stores, 74 stores under a combination of the names of Christmas Tree Shops or andThat!, and 49 stores under the names of Harmon or Harmon Face Values.