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Bed Bath & Beyond Q2 profit misses Street
Union, N.J. -- Bed Bath & Beyond Inc. reported Thursday that net income for the quarter ended Aug. 25 dipped 2.2% to $224.3 million, from $229.4 million in the same period last year. Results, negatively impacted by aggressive coupon discounting, trailed Wall Street’s expectations.
Sales increased 12.1% to $2.593 billion, and same-store sales climbed 3.5%, compared with an increase of 5.6% last year.
The retailer acquired Cost Plus in July for $495 million, adding 259 stores and a new e-commerce platform. -
Retailers charge that proposed Visa/MasterCard interchange settlement unacceptable
Arlington, Va. -- Retailers are up in arms over the proposed settlement filed in July of antitrust lawsuits filed by merchants against Visa, MasterCard and the nation's largest banks. A total of nine associations representing a broad swath of the retail industry expressed their reservations to members of Congress on Thursday, charging that their interests were not represented and asking Congress to reject that settlement.