Wal-Mart Expects January Same-Stores Sales Increase Up 4.7 Percent
New York City, Wal-Mart Stores Inc. has estimated that its January sales will be at the high end of the company’s forecast. The chain said that same-store sales are expected to rise 4.7%, which would be at the high end of its 3% to 5% projection.
Competitor Target Corp., whose sales growth has surpassed Wal-Mart’s in recent quarters, expects an increase between 4.5% and 5%.
Wal-Mart and other rivaling chain stores will release the month’s finalized sales figures later this week.
The Walking Co. to Buy Steve’s Shoes
Santa Barbara, Calif., The Walking Co., a wholly owned subsidiary of Big Dog Holdings, Inc., agreed to acquire substantially all of the assets of Steve’s Shoes, Inc. for approximately $4.2 million in a bankruptcy auction. Steve’s Shoes is one of the largest independent comfort shoe retailers in the country. Steve’s Shoes operates 45 stores in 22 states, primarily in the Midwest, under the store names Steve’s Shoes, Overland Trading Co., and Sole Outdoors. The Company total annual sales of about $35 million.
B3 sales up despite soft home market
UNION, NJ Bed Bath & Beyond today reported net earnings of 38 cents per diluted share in the fiscal first quarter ended June 2. In the fiscal first quarter of 2006 the company reported net earnings of 35 cents per diluted share. Net sales for the fiscal first quarter of 2007 were approximately $1.55 billion, an increase of approximately 11.3% from net sales of $1.4 billion reported in the fiscal first quarter of 2006. Comparable-store sales for the fiscal first quarter of 2007 increased by approximately 1.6%, on top of an increase of approximately 4.9% in last year’s fiscal first quarter.
Steven Temares, ceo and member of the board of directors of Bed Bath & Beyond Inc. stated, “While we continue to see that the overall retailing environment, especially sales of merchandise related to the home, is challenging, we have taken a long-term approach to our business and work to continue to distance ourselves from our competitors by remaining focused on being our customers’ first choice for the products we offer, domestically, interactively, and over the long-term, internationally. Consistent with this, we were very pleased to have recently executed a lease for our first international store, located in Richmond Hill, Ontario, north of Toronto.”