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RILA: President’s budget falls short on tax reform

BY CSA STAFF

Arlington, Va. — A statement by The Retail Industry Leaders Association regarding President Obama’s 2014 budget proposal was issued Wednesday, saying, “While we applaud the President for recognizing the urgent need for revenue neutral corporate tax reform, his proposal falls short of the bold reforms needed.” said Bill Hughes, SVP government affairs.

“Comprehensive tax reform, which reduces rates for individuals and pass-through entities as well as corporations, is the best way to stimulate economic growth, ease burdens on consumers and allow businesses to create jobs,” Hughes added.

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Verge Connect teams with c-store parent GPM on smartphone app

BY Katherine Boccaccio

Henderson, N.C. — Verge Connect said Wednesday it is powering Fas Mart/Shore Stop’s first smartphone application, which debuted in April across more than 200 locations primarily in Virginia, Connecticut, Maryland and Delaware.

The new application, called Fas APP, integrates with the retailer’s new secure payment card.

Fas Mart/Shore Stop, which are owned by GPM Investments, selected the Verge Connect platform to help build the company’s digital and mobile presence.

“Verge has enabled us to quickly and efficiently set in place the technology, tools and resources needed to augment offerings such as Fas CASHBACK, as well as other key initiatives in the pipeline,” said Barry Khosropanah, Fas Mart’s SVP information technology.

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A.Patel says:
Apr-11-2013 06:28 am

I like your stuff. If your product is not ready then do not launch it. I have done the same. I am in sanitaryware line and I had stopped my various products because of some manufacturing defects. If you want to visit our site then here is the visit: www.cera-india.com

A.Patel says:
Apr-11-2013 06:28 am

I like your stuff. If your product is not ready then do not launch it. I have done the same. I am in sanitaryware line and I had stopped my various products because of some manufacturing defects. If you want to visit our site then here is the visit: www.cera-india.com

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Bed Bath and Beyond earnings surge 14% in Q4

BY CSA STAFF

UNION, N.J. — Bed Bath & Beyond Inc. reported net earnings of $1.68 per diluted share ($373.9 million) in the fiscal fourth quarter ended March 2, 2013, an increase of approximately 14% versus net earnings of $1.48 per diluted share ($351 million) in the same quarter a year ago.

Net sales for the fiscal fourth quarter (fourteen weeks) of 2012 were approximately $3.4 billion, an increase of approximately 24.5% from net sales of approximately $2.7 billion reported in the fiscal fourth quarter (thirteen weeks) of 2011. Comparable-store sales in the fiscal fourth quarter of 2012 increased by approximately 2.5%, compared with an increase of approximately 6.8% in last year’s fiscal fourth quarter.

For the fiscal year, the company reported net earnings of $4.56 per diluted share ($1.04 billion), an increase of approximately 12% over net earnings of $4.06 per diluted share ($989.5 million) in the corresponding period a year ago.

Net sales for fiscal 2012 were approximately $10.9 billion, an increase of approximately 14.9% from net sales of approximately $9.500 billion in the corresponding period a year ago (fifty-two weeks). Comparable-store sales for fiscal 2012 increased by approximately 2.7% compared with an increase of approximately 5.9% last year.

The company said it expects net earnings per diluted share to be approximately 88 cents to 94 cents for the fiscal first quarter of 2013 and to increase by a mid single to a low double digit percentage range for the full year, which will include World Market and Linen Holdings for the full fiscal year.

During the fiscal fourth quarter, the company opened one Bed Bath & Beyond store, and four buybuy BABY stores.

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