News

Union, N.J. -- Bed Bath & Beyond reported Wednesday that net income for the first quarter jumped 31% to $180.6 million, compared with $137.6 million in the year-ago period.

Revenue surged 10% to $2.11 billion, and same-store sales rose 7%. Results surpassed Wall Street expectations of $2.07 billion in revenue.

Bed Bath & Beyond has raised its outlook, now expecting full-year earnings to rise 15% to 20% over last year.
 

UNION, N.J. — Bed Bath & Beyond dominates the home and housewares retail space by consistently reporting strong revenue and earnings growth, and this quarter was no exception.

The company reported net earnings of 72 cents per diluted share ($180.6 million) in the fiscal first quarter ended May 28, an increase of approximately 38% versus net earnings of 52 cents per diluted share ($137.6 million) in the same quarter a year ago.

FORT MYERS, Fla. — Chico's has named Pamela Knous EVP, CFO and chief accounting officer. Knous assumes the principal finance, accounting, investor relations, and strategic planning responsibilities currently under the direction of Kent Kleeberger, who was appointed to the position of EVP, COO in March. Knous is expected to join the company on June 23 and will report directly to Chico's president and CEO, David Dyer.

By Glenn Brill, [email protected]

The recent announcement that Ron Johnson of Apple will become J. C. Penny’s new chief executive is a clear indication of the need for many retailers to revitalize the shopping experience. It is also a clarion call and symbolic of the challenge to mall owners, developers, and investors to create and/or revitalize shopping environments that can effectively complement and promote a retailer’s brand.

Real estate acquisition and management firm Jamestown has announced a comprehensive rebranding and revitalization program for its recently acquired property, Alameda Towne Centre, a 594,000-sq.-ft. open-air retail center on Alameda Island, Calif.

WASHINGTON — The Retail Industry Leaders Association announced that Louis D'Ambrosio, president and CEO of Sears Holdings and Joseph DePinto, president and CEO of 7-Eleven, have been named to its board of directors.

SAN FRANCISCO  — Fresh & Easy today opened its San Francisco store. San Francisco Mayor Ed Lee, U.S. Health and Human Services Regional Director Herb Schultz, executives from Fresh & Easy Neighborhood Market and dozens of neighborhood leaders were on hand to celebrate the event. The store, is located in the Outer Richmond District at 32nd Avenue & Clement Street.

Camp Hill, Pa. -- Rite Aid Corp. surprised Wall Street on Thursday by paring its losses more than expected in the drug store retailer’s fiscal first quarter.

Rite Aid reported that it lost $65.5 million in the quarter ended May 28, compared with a loss of $76 million in the year-ago period. The retailer cited cost tightening and same-store sales gains for the improved performance.

Revenue was flat at $6.39 billion, the second straight quarter the company's revenue held steady. Before that, revenue fell for 10 consecutive quarters.