FINANCE

Rite Aid narrows its loss in the Q1

BY Katherine Boccaccio

Camp Hill, Pa. — Rite Aid Corp. surprised Wall Street on Thursday by paring its losses more than expected in the drug store retailer’s fiscal first quarter.

Rite Aid reported that it lost $65.5 million in the quarter ended May 28, compared with a loss of $76 million in the year-ago period. The retailer cited cost tightening and same-store sales gains for the improved performance.

Revenue was flat at $6.39 billion, the second straight quarter the company’s revenue held steady. Before that, revenue fell for 10 consecutive quarters.

Same-store sales for the quarter edged up 0.8%.

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FINANCE

Bed Bath & Beyond profit leaps 31% in Q1

BY Katherine Boccaccio

Union, N.J. — Bed Bath & Beyond reported Wednesday that net income for the first quarter jumped 31% to $180.6 million, compared with $137.6 million in the year-ago period.

Revenue surged 10% to $2.11 billion, and same-store sales rose 7%. Results surpassed Wall Street expectations of $2.07 billion in revenue.

Bed Bath & Beyond has raised its outlook, now expecting full-year earnings to rise 15% to 20% over last year.

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Long-time food retail exec named CFO at Chico’s

BY CSA STAFF

FORT MYERS, Fla. — Chico’s has named Pamela Knous EVP, CFO and chief accounting officer. Knous assumes the principal finance, accounting, investor relations, and strategic planning responsibilities currently under the direction of Kent Kleeberger, who was appointed to the position of EVP, COO in March. Knous is expected to join the company on June 23 and will report directly to Chico’s president and CEO, David Dyer.

Commenting on the appointment, Dyer said, "Pam Knous brings 20 years of retail finance experience to Chico’s FAS and will play a key role in our efforts to become a leading earnings growth company among specialty retailers."

Knous served as EVP, CFO of Supervalu from September 1997 to July 2010, where she was responsible for finance, accounting, information technology, strategic planning, investor relations, and its Bristol Farms operation. Before joining Supervalu she was EVP, CFO and treasurer of The Vons Companies, Inc., now part of Safeway Inc., and prior to that Knous was a partner in the Los Angeles office of KPMG Peat Marwick, the international audit, tax and advisory firm.

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