Cost Plus, Inc.
 | |
| Type | Subsidiary |
|---|---|
| Industry | Department Stores |
| Founded | 1958 at Fisherman's Wharf in San Francisco, California |
| Headquarters | Oakland, California, USA |
| Number of locations | 259[1] |
| Key people | Barry J. Feld |
| Revenue | $1.04 billion for fiscal year 2006 [2] |
| Employees | 2390 full time |
| Parent | Bed Bath & Beyond |
| Website | worldmarket.com |
Cost Plus, Inc. is the owner and operator of the chain of Cost Plus World Market specialty/import retail stores and a subsidiary of Bed Bath & Beyond. The name originated from the initial concept, since abandoned, of selling items for "cost plus 10%". Its headquarters are in Oakland, California.[3]
History
Cost Plus opened its first store at Fisherman's Wharf in San Francisco, California in 1958. Founder William Amthor did not intend to create a discount import retail chain—or even to open a single store—but he discovered San Franciscans loved that sort of merchandise. His discovery occurred by chance in 1958 when he sold some extra rattan furniture. Amthor operated a small family-owned furniture store in San Francisco at the time, but instead of displaying the rattan furniture in his store, he rented 4,000 square feet (370 m2) of warehouse space in the Fisherman's Wharf area of San Francisco. The rattan furniture sold quickly, convincing Amthor to start importing merchandise as a new business. He opened his first store devoted exclusively to imported merchandise later in 1958 and began importing wicker by the shipload.
After the success of this store, they quickly spread across the Bay Area and later into other states. There are currently 263 stores spread across 30 states.[4]
In the 1990s, "Cost Plus" shifted the branding of its stores to either Cost Plus World Market or simply World Market in developing markets. In 1996, Cost Plus went public and began trading on the NASDAQ stock market.
In February 2006, Cost Plus reported quarterly earnings of $125 million with $367 million in revenue for the 4th fiscal quarter of 2006. Their annual earnings were $280 million with over $800 million in revenue. Cost Plus was acquired by Bed Bath & Beyond in 2012.[5]
References
- ↑ Cost Plus, Inc. Reports First Quarter 2011 Results and Provides Outlook for the Second Quarter
- ↑ Cost Plus same store sales slip Yahoo news, February 8, 2007
- ↑ "Home Office Positions." Cost Plus. Retrieved on May 27, 2012.
- ↑ May 11th Conference Call Webcast at World Market worldmarketcorp.com
- ↑ Bed Bath & Beyond to buy Cost Plus for $495 million