Southern Calif. homes suffer through record rain
According to an article in the Los Angeles Times, Southern California residents scrambled to fight a losing battle with rain and floods.
In areas of San Bernardino, mud invaded blocks of homes, according to the article. Even San Diego’s Qualcomm Stadium, home of the Chargers, flooded.
The Sorrento Valley location of J&W Lumber, a six-unit chain of lumberyards throughout San Diego County, was flooded with several feet of water.
At Bed Bath & Beyond, a strong Q3
Union, N.J.-based Bed Bath & Beyond posted third-quarter earnings of $188.6 million, up 24.6% from $151.3 million in the same quarter last year.
Sales in the three months ended Nov. 27 increased 11.1% to $2.19 billion, up from $1.98 billion last year. Comparable-store sales for the quarter increased by 7.0%.
The results exceeded the company’s internal planning assumptions, according to CEO Steven Temares. "While it appears that the economic environment has stabilized and is perhaps improving, persistent high unemployment and uncertainty in the economy could continue to pressure consumers and affect their spending. However … we remain cautiously optimistic about the remainder of the year."
As of Nov. 27, the company had a total of 1,127 stores, including 976 Bed Bath & Beyond stores in 50 states, the District of Columbia, Puerto Rico and Canada, 66 Christmas Tree Shops stores, 40 buybuy BABY stores and 45 stores under the names of Harmon or Harmon Face Values.
During the third quarter, the company opened five Bed Bath & Beyond stores, five Christmas Tree Shops stores, and seven buybuy BABY stores. Consolidated store space as of Nov. 27 was approximately 34.7 million sq. ft.
The company also announced that its board authorized a new $2 billion share repurchase program.
Holiday consumers opening wallets
Consumers are spending more this year during the final week of holiday shopping, according to a study conducted by Goldman Sachs and the International Council of Shopping Centers.
For the week ending Dec. 18, weekly retail sales rose by 1.7%, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. In addition, retail sales, on a year-over-year basis, also improved and increased by 4.2%.
“Holiday-gift spending shot up over the last week with consumers, on average, completing 73.9% of their shopping, up from 56.6% in the prior week, which helped propel weekly sales results up,” said Michael Niemira, ICSC director of research and chief economist. “Now that we are down to the wire, consumers have stepped up their shopping pace, as well as their purchases. All and all, retail shopping trends are shaping up to be very favorable for holiday sales, as well as December sales performance, for retailers.”
The ICSC-Goldman Sachs Weekly Chain Store Sales Index measures U.S. comparable-store sales based on approximately 40 retail chain stores. For December, ICSC Research anticipates the month will post a good performance with a year-over-year comparable-store sales growth increase of between 3.0 percent to 3.5 percent, industry-wide.