By Staff -- Home Textiles Today, 4/17/2006 12:00:00 AM
Bed Bath & Beyond Boosts Store Size
The average size of stores opened by Bed Bath & Beyond was larger in 2005 than in preceding years; it will likely continue this trend in 2006 as merchandise assortments broaden. “We will also continue to upgrade existing stores to enhance customer experience,” said co-chairman Leonard Feinstein. BBB will add about 76 new locations this year to the current store count of 746.
Sears Holdings High on Sears Canada
Sears Holdings said it now has commitments to acquire “over 50% of the common shares … that were not owned by Sears Holdings and its affiliates at the commencement of the offer.” The company said it expects the final closing on the share acquisitions at the price of $18.00 (Canadian) by December of this year.
Pier 1 Reports Loss, Notes Aims
Pier 1 Imports reported a 2005 net loss of $39.8 million, which included an after-tax loss from discontinued operations of $12.3 million. Sales declined 2.7% to $1.78 billion for 2005, and comps fell 7.1%. The fourth quarter showed better results, said chairman and ceo Marvin Girouard, with sales climbing 0.7% to $506.0 million, and a comp sales drop of 2.9%. The chain has doubled its outlet store count to help clear stale goods; is closing underperforming units more aggressively; has dramatically trimmed its mix; and is pumping up catalog-driven sales.
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