"Our fourth quarter proved to be difficult, but there were bright spots," said Theresa Strickland, EVP of merchandising and marketing during Thursday's earnings conference call. "After a difficult third quarter in the consumables business, and both consumables and our seasonal businesses performed better than expected. For the first time in several years, we ended the season with positive comps in our Christmas shops."
The company's Q4 numbers were released about a week after Murray Dashe stepped down as Cost Plus' chairman, CEO and president after seven years in those positions, with plans to retire. The company's board of directors then named Danny Gurr, a director of the company since 1995, interim president and COO, and Fredric M. Roberts, a director since 1999, was named non-executive chairman of the board. A search for a new CEO is now under way.
"As interim president, one of my primary roles is to lead the search for a CEO, who will have the enviable task of leading the company," said Gurr during the conference call. "Also, my other significant responsibility is to make sure that it's business as usual during the transition period."
Cost Plus currently operates 236 stores in 30 states under the names World Market and Cost Plus World Market, which feature a shifting selection of home furnishings, housewares, gifts, decorative accessories, and foods and beverages imported from more than 50 countries. In 2004, the company opened 34 stores, and plans to open about the same number this year. "We have build the infrastructure to support, and believe it's appropriate to continue with new store openings at roughly the same level as the last two years," said Gurr.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
