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Strong dollar hits Bed Bath & Beyond
A drop in same-store sales led Bed Bath & Beyond to report a 21% decline in profit for the third quarter.
The retailer said same store sales in the third quarter ended Nov. 28 decreased by approximately 0.4%, compared with an increase of approximately 1.7% in last year's fiscal third quarter. Same-store sales from digital channels grew in excess of 25%.
Bed Bath & Beyond reported a profit of $177.8 million, or $1.09 a share, compared with $225.4 million, or $1.23 a share, a year earlier. Revenue rose 0.3% to $2.95 billion.
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Verizon: Retailers should adjust to ‘Cyber Season’
Overall retailers had a good 2015 holiday from a digital commerce standpoint, but some patterns changed.
According to the Verizon Retail Index, days that previously had unusual spikes in e-commerce activity, such as Black Friday and Cyber Monday, now show more normal levels of online traffic and purchase activity. Part of this shift is attributed to the widespread availability of high-speed online connections from consumer mobile devices.
