All articles by Planet Retail – Page 49
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Walgreens sells its pharmacy benefit management business
Walgreens has sold its pharmacy benefit management business Walgreens Health Initiatives (WHI) to Catalyst Health Solutions for $525m (£450m), subject to certain adjustments. The transaction is structured as an acquisition of all the capital stock of WHI.Walgreens will retain and look to continue growing its speciality pharmacy and mail service ...
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Blockbuster to go ahead with its proposed £180m sale to investors
Troubled retailer Blockbuster has been given clearance by the US courts to go ahead with its proposed $290m (£180m) sale to investors, overcoming fears that the group may file for Chapter 7 liquidation.The retailer had come under pressure from creditors, including a growing number of movie studios that were owed ...
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Gap to close 200 of its 900 stores worldwide by 2013
Clothing giant Gap is to close 200 of its 900 stores worldwide by 2013, and has stated that part of its difficulties are due to it not investing enough in attracting ethnic minority customers in the US. Chairman and chief executive Glenn Murphy said Gap’s market share among African-, Asian- ...
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Oxo total revenue jumps 16.3% to £3.2bn
Convenience store chain Oxxo has reported a total revenue increase of 16.3% for the 2010 financial year, up to 62.3bn pesos (£3.2bn). Sales growth was driven by the opening of 1,092 net new stores during the year and a 5.2% increase in like-for-like sales. Store traffic experienced a 3.9% increase, ...
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Mercadona gross sales up 6.3% to £341m
Grocer Mercadona has reported gross sales of E16.5bn (£14.2bn) for the 2010 fiscal year, up 6.3% from last year. Net income was E398m (£341m), a 47% increase compared with 2009. The company invested about E600m (£515m), opening a net total of 46 stores.Mercadona reduced prices by an average of 4% ...
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Big Lots net Q4 sales up 3.8% to £934m
Discount retailer Big Lots reported that net sales increased 3.8% to $1.52bn (£934m) in the fourth quarter, while net income increased to $110m (£68m) from the $105.4m (£65m) compared with the same period last year.The retailer reported strong 2010 full-year results. Net sales increased 4.8% to $4.9bn (£3bn) and net ...
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Kroger sales up 7.1% to £50.5bn
Grocer Kroger reported that sales for the full year increased 7.1% to $82.2bn (£50.5bn). Excluding fuel, total sales increased 3.4% while like-for-like sales were up 2.8%. Net income amounted to $1.12bn (£688m), compared with the $70m (£43m) reported in fiscal 2009. Operating profit totalled 2.65% of sales during the fiscal ...
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Exito launches new electricals format
Casino-owned Exito has launched a new format specialising in electronics.The banner, called Exito Tecno, opened in Bogotá and has a total sales area of 30,140 sq ft. It will offer computers, audio equipment, video games, large and small household appliances and musical instruments. Books, magazines, music and DVDs will also ...
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Princesse Tam Tam opens new store concept in Paris
Fast Retailing-owned lingerie chain Princesse Tam Tam has opened a new store concept in Paris. The 645 sq ft store opened in the Rive Gauche district on the Rue de Sèvres.The store is equipped with light-coloured parquet floors and simple white walls, while video screens are dotted throughout the store. ...
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Celesio underlines commitment to DocMorris store network
Pharmaceuticals distributor Celesio has underlined its commitment to developing the DocMorris store network, as well as front-end sales, in order to reduce its dependency on prescription drugs and the associated price regulations.Chief executive Fritz Oesterle said: “We target a balanced portfolio by 2015, when about half of our income will ...
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Family Dollar Stores' directors vote against sale
Family Dollar Stores has announced its board of directors has voted unanimously against a sale to the Trian Group, instead voting for the continuing implementation of the company’s strategic plan.The board felt both decisions were in the best interest of the shareholders. It also decided to adopt a shareholder rights ...
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Dairy Farm sales rocket 13.2% to £5.6bn
Dairy Farm experienced a solid 2010 fiscal year as “favourable trading conditions persisted in its Asian markets”.For the year ended December 31, 2010 total sales, including those from associates, rocketed 13.2% to $9.1bn (£5.6bn). Net profit jumped 12.9% to $411m (£253m).Dairy Farm continued to expand organically and through acquisitions in ...
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Toys R Us Q4 net income plummets more than 10%
Toys R Us has reported that, despite stronger sales, net income during the fourth quarter dropped more than 10%, which the retailer attributed to a rise in income taxes.Net sales increased 2% to $6bn (£3.7bn), helped by new store locations including Toys R Us Express stores and comparable net sales ...
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KF Gruppen sales drop 1.5% to £3.5bn
Supermarket group KF Gruppen reported consolidated net sales of SEK36.66bn (£3.5bn) for the financial year ended December 31 2010, a 1.5% decrease on fiscal 2009.Operating profit fell from SEK816m (£79m) to SEK628m (£60.8m). Net profit amounted to SEK112m (£10.8m), compared with SEK224m (£21.6m) in 2009.
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Inditex to open online stores in Scandinavia
Spanish fashion retailer Inditex has announced it will open online stores for its flagship Zara brand in Scandinavia, as it moves further into the home market of Swedish rival H&M. The retailer also said it will open online stores in Switzerland and Monaco. The five new stores are due to ...
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Best Buy to close all Best Buy-bannered stores in China and Turkey
Electricals giant Best Buy is to close all Best Buy-bannered stores in China and Turkey, as well as its headquarters in Shanghai. The move is aimed at saving some $70m (£43.4m) by fiscal 2013. The retailer said its future plans in China would focus on its Five Star operations - ...