Bed Bath & Beyond sees strong growth
Bed Bath & Beyond reported net earnings of $283.5 million in the fourth quarter ended Feb. 26, up 25.4% from $226.0 million in the same quarter last year.
Comparable-store sales in the quarter increased 8.5%, as total sales increased 11.6% to $2.505 billion.
For the full year, the company reported net earnings of $791.3 million, up from $600.0 million a year ago. Net sales for fiscal 2010 were $8.759 billion, an increase of 11.9% from $7.829 billion in the prior fiscal year. Comparable-store sales for fiscal 2010 were up 7.8%.
As of Feb. 26, 2011, the Union, N.J.-based company had a total of 1,139 stores, including 982 Bed Bath & Beyond stores.
RILA and CargoNet form alliance to fight cargo theft
The Retail Industry Leaders Association (RILA) and CargoNet have announced the establishment of an exclusive strategic alliance with the shared goal of combating the growing problem of cargo theft across the retail industry.
According to the 2010 United States Cargo Theft Report issued by CargoNet, reported incidences of cargo theft increased by 50% in 2010 compared with 2009. The FBI identifies cargo theft as a multi-billion dollar industry in the United States.
“Cargo theft has become a significant pain point for retailers,” said Lisa LaBruno, VP loss prevention and legal affairs at RILA. “Through this joint endeavor, we hope to stem the tide of cargo theft and maximize recoveries for retailers.”
Through CargoNet’s information-sharing network, theft incident details are passed on to statewide law enforcement systems and several non-law enforcement channels almost immediately after a theft is reported. The network ensures law enforcement can efficiently find critical information to help solve complex investigations, identify perpetrators and recover stolen product.
“Mitigating risk within the supply chain caused by cargo theft is a priority for CargoNet,” stated Maurizio Scrofani, president of CargoNet. “Our strategic alliance with RILA is key to ensuring we continue to focus on the needs of our supply-chain constituents within the shipper community.”
A division of Verisk’s ISO Crime Analytics, CargoNet helps prevent cargo theft and improve recovery rates through secure and controlled information sharing among theft victims, their business partners and law enforcement. CargoNet applies an integrated, layered approach that exploits the weakness of cargo thieves at multiple points and includes integrated databases, a theft alert system, task force and investigations support, a tractor/trailer theft deterrence program, the TruckStopWatch program, driver education and incentives, secondary-market monitoring and interdictions, crime trend analysis and loss control services, and training and education.
Headquartered in Arlington, Va., RILA is a trade association that includes more than 200 retailers, product manufacturers and service suppliers, which together operate more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.
Insulfoam boosts production in Pennsylvania
Insulfoam, producer of engineered expanded polystyrene (EPS) block-molded insulation products, expanded into western Pennsylvania. Manufacturing is scheduled to begin in the summer of 2011 in a 200,000 square-foot facility, located in Smithfield, Pa.
Insulfoam will share the plant with sister company Hunter Panels.
"Insulfoam has successfully served the engineered EPS insulation market through a tough economy," said John Cambruzzi, Director of Marketing & National Accounts. "Our engineered EPS products are 100% recyclable, offer excellent energy efficiency and long term stable R-value to both new and retrofit construction projects.
"With legislation endorsing sustainable product decisions throughout the country, we believe that the time is right to invest in the expansion of our manufacturing locations to better serve our East Coast customers," said John Cambruzzi, director of marketing and national accounts.
Insulfoam’s engineered EPS products are recyclable, he said.
Other Insulfoam manufacturing plants are located in Florida, Nebraska, Colorado, Utah, Arizona, California, Washington and Alaska.