All articles by Planet Retail – Page 44
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Indian government allows foreign direct investment
The Indian government has agreed in principle to allow foreign direct investment in multibrand retail joint ventures with an investment cap of 51%. The country already allows foreign companies to invest up to 100% in wholesale operations and 51% in single-brand retail operations. The change in the policy came about ...
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Second-quarter sales jump at Cencosud
Cencosud’s second-quarter sales jumped 21% to CLP1.8trn (£2.3bn). Chief executive Daniel Rodriguez recently said sales could top $14bn (£8.6bn) this year.During the period of global economic recovery in 2010, Cencosud invested $800m (£490m) in organic growth in the region and bought the Bretas supermarket chain in Brazil for an extra ...
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Walmart hires investment bank to advise on potential takeover
Walmart has hired investment bank UBS to advise on a potential takeover of Carrefour’s Brazilian subsidiaries, according to reports.Both Walmart and Carrefour have remained tight-lipped about the rumoured takeover, but it is understood that Walmart is assembling a team of expert advisers prior to making a bid.Talk of a takeover ...
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Zara makes African debut
Spanish clothing chain Zara, owned by Inditex, will make its African debut at the Sandton City shopping mall in Johannesburg on November 10. Zara has chosen to enter South Africa through the corporate store route, paying import duties at cost instead of opening through franchise outlets where it would need ...
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Grocer Publix reported sales increase
Grocer Publix reported sales rose 5.8% in the second quarter, up to $6.6bn (£4bn), and like-for-like sales up 4.2%. Net earnings rose 9.7% from the previous year to $382.4m (£233.9m).Chief executive Ed Crenshaw said: “I’m proud our good operating performance resulted in another increase in our stock price.I congratulate our ...
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Pharmacy retailer CVS reports group net revenue increase
Pharmacy retailer CVS has reported group net revenues for the second quarter ended June 30 increased 10.8% to $26.6bn (£16.3bn).Revenues in the pharmacy services and retail pharmacy segments rocketed 23.2% to $14.6bn (£8.9bn) and 3.6% to $14.8bn (£9bn), respectively. Like-for-like sales increased 2% with pharmacy and front store like-for-likes up ...
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Discounter Big Lots reveals revenue fall
Discounter Big Lots has revealed that its second-quarter revenue for stores open at least two years fell 1.5% compared with the prior year. Total for the period rose 1.8% to $1.15bn (£703.4m) not including the acquisition of Liquidation World, made by the retailer last month. Big Lots chief executive Steve ...
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Lagardère Services announces strategic partnership with Fnac
Lagardère Services has announced a strategic partnership with PPR-owned Fnac to develop a network of small stores (less than 3,770 sq ft) at train stations and airports across France and Spain. Lagardère Services will provide Fnac with its expertise in operating travel retail stores while Fnac will deliver its product ...
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Department store operator Falabella reports net profit increase
The country’s largest department store operator Falabella reported its second-quarter net profit up 13.7% to CLP108.7bn (£141.6m) on the back of robust domestic demand throughout South America.Falabella’s regional expansion plans paid off as stores in Chile, Colombia and Peru also boosted the retailer’s bottom line.Sales soared 13.3% year-on-year to CLP1.25trn ...
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AS Watson reports total revenue rise
AS Watson reported total revenue rose 17% to HK$67.23bn (£5.28bn) in the first half to June 30. The health and beauty, and grocery retailer reported EBIT increased 25% to HK$3.55bn ($456m), which the company attributed to the management’s strong commitment to improving operating efficiencies, reducing inventory levels, increasing centralised purchasing ...
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X5 Retail Group introduces new convenience store format.
X5 Retail Group has introduced a new concept of its Perekrestok Express convenience store format.The new stores have a smaller sales area, ranging from between 755 sq ft and 2,155 sq ft, and the product range includes ready meals, convenience food and fresh bakery products. X5 plans to introduce a ...
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Delhaize Group reports second-quarter sales increase
Delhaize Group has reported second-quarter sales reached E5.1bn (£4.4bn), corresponding to an increase of 4.2% at actual exchange rates compared with the same period in 2010. Net profit rose 1.9% to E117m (£101.7m) while operating profit decreased by 7.8% to E209m (£181.6m).Delhaize Group plans a net addition of 115 to ...
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Metro Group posts first half results
Metro Group has posted results for its first half, showing that sales rose by 0.1% to E31.3bn (£27.1m) compared with the previous year. In local currency, sales grew by 0.2%. Net profit for the period, before special items, reached E83m (£72m) compared with E127m (£110.2m) in 2010.Sales in the international ...
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Neiman Marcus announces impressive preliminary results
Upmarket department store chain Neiman Marcus has announced impressive preliminary results for its fourth quarter and full year for 2011. Net sales at the retailer rocketed 11.3% in the fourth quarter to $920m (£564.4m). In the same period, Neiman Marcus Direct revenues were 11% above last year.Like-for-like sales for the ...
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Grocery retailer Casino announces sales growth
Grocery retailer Casino has announced its second-quarter and half-year results for 2011. The retailer reported that consolidated net sales for the quarter rose by 18.8% to E8.3bn (£7.2bn) – a 4.7% rise achieved in the first quarter.The growth reflected the consolidation of the Casas Bahia electronics chain in Brazil within ...
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Aldi Süd adds leading brands to product ranges
Hard discounter Aldi Süd has added a number of leading manufacturer brands to its private label dominated product ranges in Hungary.New products comprise soft drinks from Coca Cola, a baking product from Dr Oetker and Nutella hazelnut spread.Aldi Süd extended the brand offer in Hungary six months ago, including Heineken’s ...
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Delhaize Group completes acquisition of Delta M
Delhaize Group has completed the acquisition of Serbian retail group Delta M. Delhaize said that over the next several quarters it will focus on the development of strategic plans for pricing, branding, as well as format management to ensure growth in the region.The retailer’s target is the generation of more ...
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Pick n Pay extends sale deadline by two months
South African retailer Pick n Pay has extended the deadline for the sale of its supermarket banner Franklins to Australia’s third-largest grocer, Metcash, by two months.The sale has been opposed by the the Australian Consumer and Competition Commission due to concerns it would lessen competition in Franklins’ operating region.
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Grocer Coles reports fourth quarter sales increase
Grocer Coles reported fourth quarter sales of Aus$6.2bn (£413.6bn), up 5.2% like-for-like. Store development and operations director Stuart Machin said continued rises in the cost of living have made customers watch how they spend their money more closely. “Our lower prices and our ‘down down’ campaign has been well received ...
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Bharti Walmart embarks on first major investment
Bharti Walmart, an equal joint venture between Bharti Enterprises and Walmart, is the first major investment made by the partners together.The partners have issued 120 million new shares from unissued share capital with a face value of INR10 (£130,000) each. Walmart will purchase 60 million shares for INR600m (£8.2m) through ...