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New World Markets slated for Arizona
Cost Plus Inc. (Oakland, Calif.) is dipping its toe back into store expansion. The operator of 270 World Market stores, which kicked off 2009 with a major downsizing effort that involved closing 26 locales and exiting eight markets, plans to open two new stores in October, in Oro Valley, Ariz., and Goodyear, Ariz.
Cost Plus disclosed those plans in its second quarter earnings results. For that period, the retailer reported net sales of $183.4 million, a 13 percent decrease from a year earlier, and a same-store sales drop of 10.9 percent.
“Despite the continued tough retail environment and its negative impact on same store sales, we were able to control expenses and improve merchandise margin to reduce our second quarter loss from continuing operations year-over-year,” said Barry Feld, president and ceo. “Our first half results are tracking to plan and borrowings outstanding under our credit facility are lower than the same time last year. The company’s liquidity position remains sufficient for working capital purposes.”
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