The integration of a major acquisition and the accelerated closure of non-performing stores top the list of priorities awaiting Ken Murphy as he assumes leadership of the nation’s largest bedding retailer.
-
Five Below to become newest member of $1 billion club
Five Below is accelerating new store growth again this year and has shared a long-range profit forecast indicating that the value-oriented teen and tween retailer expects accelerating growth to be a recurring theme.
A net increase of 71 new stores last year – on top of 62 units the prior year – enabled Five Below to increase sales 23.7% to $326.4 million in the fourth quarter and 22.3% to $832 million during the fiscal year ended Jan. 30. Also contributing to the top line growth was a fourth quarter same store sales increase of 3.6% and a full year increase of 3.4%.
-
Specialty grocer meets delivery demand
Ethnic grocery chain H Mart is expanding its partnership with Instacart nationally.
Lyndhurst, New Jersey-based H Mart, which operates more than 45 U.S. and Canadian stores, specializes in Asian grocery products. H Mart is now offering Instacart deliveries in as little as one hour to consumers in Philadelphia. Coming soon, the retailer will also offer Instacart services in markets including Orange County, Washington, D.C., suburbs, Atlanta, Chicago suburbs, Los Angeles, and Houston. Instacart prices will match H Mart in-store prices.
