Williams-Sonoma Posts 3Q Loss
San Francisco Williams-Sonoma Inc. Thursday reported a smaller-than-expected quarterly loss on Thursday and said it amended a $300 million credit line providing for more relaxed covenants, sending its shares up 10%.
The company also said that it had terminated a $150 million stock-buyback program to conserve cash, and stood by a previous forecast calling for lower profit for the current holiday quarter.
Williams-Sonoma posted a third-quarter loss, ended Nov. 2, of $11 million, compared with a profit of $27.1 million a year earlier.
Retail revenue slipped to $424.4 million from $494.3 million on weaker results across all its brands.
Direct-to-customer revenue, which contains catalog and Internet sales, declined to $327.7 million from $400.9 million.
Third-quarter same-store sales sagged 21.4%.
Best Buy: Americans concerned about buying the right gift
MINNEAPOLIS A recent Best Buy nationwide survey found that three-quarters of Americans, while concerned about price, say that getting someone the right gift is their number one priority. In addition, when it comes to consumer electronics gifts, customers say assurance and advice are top priorities when they are making purchase decisions.
The Best Buy survey shows one out of four consumers (25%), believe the right gift this year is consumer electronics, and price isn’t all that drives their decisions. When buying electronics gifts, shoppers want a retailer that offers a good return policy (85%), post purchase technical support (80%), price matching for their purchases (79%) and knowledgeable salespeople to provide good advice (76%).
Whole Foods add new board members
AUSTIN, Texas Whole Foods Market announced that it recently has added four new members to its board of directors, bringing the size of the board to ten.
The new board members include Stephanie Kugelman, vice chairman emeritus of Young & Rubicam Inc. and chairman of A Second Opinion strategic consulting group, and Kip Tindell, chairman and ceo of The Container Store. Additionally, Jonathan Seiffer, partner, and Jonathan Sokoloff, managing partner, both of Leonard Green & Partners, L.P. (LGP), have also joined the board in connection with LGP’s recent preferred stock investment in Whole Foods Market. Whole Foods Market closed its sale of preferred stock to LGP today.
“These four talented leaders bring unique wisdom and complement the experience of our current board members,” said John Mackey, chairman, ceo, and co-founder of Whole Foods Market. “In this challenging economic environment, we feel fortunate to have this fresh addition of intellectual capital.”