Bed Bath & Beyond sales up 5 percent
Union, N.J.-based Bed Bath & Beyond reported net earnings for the second quarter fell 19 percent to $119.3 million from $147 million in the prior-year quarter.
Still, the retailer saw net sales rise 5 percent to $1.85 billion from $1.77 billion in the same period last year.
Comparable-store sales were nearly flat in the quarter, decreasing 0.1 percent. In the first half of the year, comparable-store sales rose 0.3 percent.
The specialty retailer opened 13 stores in the second quarter, including a second store in Canada, following an entry into that country last quarter.
Currently, Bed Bath & Beyond operates 994 stores, including 903 stores under its namesake banner, as well as 41 Christmas Tree Shops stores, 10 Buy Buy Baby stores and 40 stores under the Harmon name. The company also operates two Home & More stores in Mexico.
Carolina home builder files for bankruptcy
Charlotte, N.C.-based home builder Classic Southern Homes has filed for Chapter 7 bankruptcy, with listed debts from $1 million to $10 million.
In its bankruptcy filing in North Carolina, the builder lists more than 50 creditors, including Home Depot, Stock Building Supply, Lowe’s and a number of local dealers, such as Larry Helms Flooring and Matthews Building Supply.
According to its Web site, Classic Southern Homes had a substantial renovation business in addition to its home-building enterprise. The business, started in 1998, focused about 70 percent of its business on renovations, particularly historical renovations.
Classic Southern Homes is not to be confused with Southern Classic Homes, a home builder based in eastern Florida; and Southern Classic Home, a separate home builder based in Lexington, S.C.
Montana mill suspends operations
Plum Creek Timber has suspended operations at its finger-joint stud manufacturing facility in Kalispell, Mont., according to the Flathead (Montana) Beacon.
The plant, which produced specialty wood products for new residential construction, employs around 24 people.
In a statement from the company, Hank Ricklefs, vp-Northern Resources and Manufacturing, said, “Market prices are depressed and don’t currently cover the costs of production. We reduced shifts in January, hoping to avoid a production stop, but unfortunately the market has not changed.”
According to the newspaper, Plum Creek earlier this month laid off workers at a Columbia Falls, Mont., mill, while nearby Tricon Timber laid off 40 individuals at a St. Regis, Mont., facility.