Spending on DVDs Surges 8%
Las Vegas, Consumers spent $22.8 billion renting and buying DVDs in 2005. The statistics were unveiled Thursday by DEG: The Digital Entertainment Group at the International Consumer Electronics Show (CES). Consumer spending for DVDs was up approximately 8%. DVD retail sales grew five percent to $16.3 billion in 2005, with unit sales up 10 percent. In addition, consumers also spent $6.5 billion renting DVDs, an increase of 14% over last year. When including VHS sales and rental, the dollars spent on home video was relatively flat from last year. Consumers spent $24.3 billion renting and buying DVD and VHS.
Bed Bath & Beyond Names President
Union, N.J., Bed Bath & Beyond Inc. gave its chief merchandising officer Arthur Stark the additional title of president.
Additionally, the retailer promoted Eugene A. Castagna to CFO and treasurer from the post of VP of finance and principal financial and accounting officer. He succeeds Richard Curwin, who was named to the newly created position of senior VP of investor relations.
Bed Bath & Beyond also named Richard C. McMahon to the new post of chief strategy officer and VP of corporate operations. He most recently served the retailer as VP of supply chain and CIO.
Holiday Brings No Joy For Trans World Entertainment
Albany, N.Y., Trans World Entertainment reported a comps decrease of 7% for the five-week period ended Dec. 31, and a comps decline of 8% for the nine-week period ended the same date.
“Sales for the quarter have been affected by a general weakness in our industry,” said chairman and CEO Robert J. Higgins. He added that in light of Trans World’s disappointing holiday performance, the retailer’s earnings for its 2005 fiscal year are expected to be down from the prior year. He estimated earnings for the year will be zero to 5? per share, as compared to an earlier forecast of 25? to 30? per share.