Less than desirable economic conditions don’t seem to faze Bed Bath & Beyond, which again this week reported another quarter of strong financial results. The company said its earnings per share for the third-quarter period ended Nov. 27 increased 28% to 74 cents, handily exceeding analysts’ consensus estimate of 66 cents. Sales increased roughly 11% to $2.2 billion and same store sales advanced 7% on top of a prior-year comp increase of 7.3%.
Jo-Ann Stores announced that it has entered into a definitive agreement to be acquired by an affiliate of Leonard Green & Partners, L.P., for a total price of approximately $1.6 billion, or $61 per share in cash.
HSN announced that it has launched a new app for the Apple iPad. With the launch, HSN said it will be the only retailer offering a video-centric iPad experience that allows consumers to watch both live streaming video and 15 channels of archived video, as well as the ability to program their own channels based on their preferences.
Aeropostale announced three executive appointments that realign responsibilities and strengthen its leadership team. Among the changes, Marc D. Miller, senior VP of strategic planning and new business development, has been appointed CFO.
Walmart, Target and Best Buy attracted record levels of customers to their websites during November, according to data released this week by the online measurement firm comScore. Retailers have come to expect a surge in traffic to their sites as the holiday approach and during November that proved to be the case and then some.