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Home Depot names Mark Vadon to its board

BY HBSDealer Staff

The Home Depot has announced the appointment of Mark Vadon, 42, to the its board of directors. Vadon will be a member of the Audit and Finance Committees. His appointment gives the company 11 directors, 10 of whom are independent.

In 1999, Vadon co-founded Blue Nile, an online retailer of diamonds and fine jewelry, and has served as the chairman of its board of directors since its inception. Vadon has also served as the company’s executive chairman, CEO and president. Prior to co-founding Blue Nile, Vadon was a consultant for Bain & Co., which he joined in 1992. In 2009, Vadon co-founded zulily, a daily deals site for moms, babies and kids. He serves as the chairman of its board of directors.

"Mark’s expertise in developing and implementing successful online strategies will be a benefit to our company and an asset to our board," said Frank Blake, chairman and CEO. "I am pleased to welcome him to the board and look forward to his contributions."

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Florida man arrested after breaking into HD, punching police dog

BY Brae Canlen

A shoplifting suspect in St. Lucie West, Fla., was arrested Sept. 18 after attempted break-ins at both Home Depot and Lowe’s, according to a report by CBS-affiliate Channel 12.

According to police reports, 48-year-old Mark Earl Cross cut a hole in the garden center fence at Lowe’s at 10 a.m., then went across the street to a Home Depot store, where he used a hacksaw to cut a lock off a garden center gate. Police say the suspect went inside the Home Depot, but left quickly and returned to Lowe’s, where he grabbed three drills and placed them next to the hole in that garden center’s fence. Cross then left the store and circled around to the fence, but suspicious store employees had removed the drills before he could get to them.

Cross left the store on his bike, but was intercepted by police, according to the news report. The suspect abandoned his bike and ran into a wooded area, where a tracking dog found him. Police say Cross punched the police dog before being taken into custody; he suffered cuts to his face, chest and fingers in the scuffle.

Authorities later found a pair of wire cutters on Cross, and Home Depot employees found bolt cutters and a hacksaw next to the breached gate. 

Cross was jailed on charges of burglary of an occupied dwelling, possession of burglary tools, grand theft, criminal mischief, trespassing and resisting officers with violence.

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Bed Bath & Beyond sales, earnings up in Q2

BY HBSDEALER Staff

Bed Bath & Beyond’s earnings per diluted share for its second quarter rose 5.4% from 98 cents ($224.3 million) from 93 cents ($229.4 million) last year. 

The company reported net sales of approximately $2.6 billion, an increase of approximately 12.1% from net sales of approximately $2.3 billion reported in the fiscal second quarter of 2011. Comparable-store sales in the fiscal second quarter of 2012 increased by approximately 3.5%, compared with an increase of approximately 5.6% in last year’s fiscal second quarter. 

For the fiscal first half, the company reported net earnings of $1.87 per diluted share ($431.2 million), an increase of approximately 13.3% over net earnings of $1.65 per diluted share ($410 million) in the corresponding period a year ago. Net sales for the fiscal first half of 2012 were approximately $4.811 billion, an increase of approximately 8.8% from net sales of approximately $4.424 billion in the corresponding period a year ago. Comparable-store sales for the fiscal first half of 2012 increased by approximately 3.3%, compared with an increase of approximately 6.3% in last year’s fiscal first half.

Bed Bath & Beyond is expecting net earnings per diluted share to be approximately 99 cents to $1.04 for the fiscal third quarter and continues to expect net earnings per diluted share to increase by a high single to a low double digit percentage range for all of fiscal 2012, which will be 53 weeks and includes World Market and Linen Holdings from the date of each acquisition to the end of the fiscal year.

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