Bed Bath & Beyond sales up 9.9 percent
Bed Bath & Beyond reported second-quarter financial results, showing net earnings rose a little more than 1 percent to $147 million from $145.5 million last year. The results included a one-time tax benefit of $5.8 million.
The company had net sales of $1.77 billion in the first quarter, an increase of 9.9 percent from sales of $1.61 billion last year.
Comparable-store sales increased 2.2 percent.
The company’s board of directors also unveiled a plan for a new $1 billion share-repurchase program. In the second quarter, the company completed an earlier $1 billion repurchase program that began in December 2006. No date has been set for completion of the new repurchase program, which will be funded from current and future free cash flows, the company said.
“Our board took this action based upon its continued confidence in our company’s long-term growth potential, financial outlook and excess cash flow generation,” said CEO Steven Temares.
As of the end of its first quarter, the company operated 831 Bed Bath & Beyond stores, 10 of which were opened during the second quarter. The company also operates stores under the banners of Christmas Tree Shops, Buybuy Baby and Harmon Stores.
Tembec announces temporary shutdown of mills
Temiscaming, Quebec-based Tembec has announced temporary shutdowns at its sawmills in Elko and Canal Flats, British Columbia.
“These shutdowns are due to a combination of factors,” said Dennis Rounsville, executive vp and president of Tembec’s Forest Products Group. “These include the sharp decline in demand and prices for lumber and the impact of the high value of the Canadian dollar.”
The Elko sawmill/planer mills will close for a minimum of two weeks starting Oct. 1, and the Canal Flats sawmill/planer mills will take downtime beginning Oct. 15.
The Canal Flats and Elko sawmills and planer mills have an annual production capacity of 420,000 Mfbm of SPF lumber and employ about 480 people.
Tembec has already shut down facilities in Timmins and Kirkland Lake, Ontario, and La Sarre and BZarn, Quebec.
Canfor acquires assets of Chesterfield Lumber
Vancouver-based wood products company Canfor has acquired the assets of South Carolina-based Chesterfield Lumber for $18 million. The acquisition will be made by Canfor’s wholly owned subsidiary, New South.
The Darlington, S.C.-based Chesterfield mill has the capacity to produce 140 million board feet of southern yellow pine annually.
The mill is located between two existing mills owned by New South — at Conway and Camden, S.C.
The transaction is subject to closing conditions and is expected to close in the fourth quarter of 2007.