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Costco Q3 earnings beat analyst expectations

BY Alaric DeArment

ISSAQUAH, Wash. — Costco Wholesale had sales of $23.55 billion in third-quarter 2013, an 8% increase over last year’s $21.85 billion, as well as a 6% increase in same-store sales, the club retailer said Thursday.

Profits for the quarter were $459 million, or $1.04 per share, compared with $386 million and 88 cents per share during the same period last year. For the three quarters of fiscal year 2013 so far, sales increased 8% over the same period last year, to $71.1 billion. The company saw a big boost in membership fees, to $531 million, compared with $475 million in third quarter 2012.

Wall Street analysts had expected the club retailer to have earnings per share of $1.03, and the company’s results compared favorably with those of retailers like Target Corp. and Walmart, which "haven’t hit their stride yet this year," according to investment website SeekingAlpha.com.

Still, some analysts were cautious, such as Guggenheim Securities analyst John Heinbockel, who gave the retailer’s stock a "Neutral" rating in light of higher expectations of its earnings in the next quarter compared with a more difficult quarter a year ago. "It would not surprise us to see a correction over the next 3-6 months, although the timing of this is uncertain," Heinbockel wrote in a note to investors.

 

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Molson Coors adds new innovations to U.S. market for summer

BY Jason Owen

DENVER & MONTREAL — Molson Coors Brewing Company is showcasing a global lineup of product innovations designed to expand its portfolio and provide consumers with variety as the summer season kicks off. The company has planned new releases in Canada, Europe and the United States.

“At Molson Coors, innovation starts with the consumer, and we have to update constantly. We are in a continuous dialogue with beer drinkers and what we hear is that they like to experiment; they want interesting choices to cover a variety of occasions,” said Peter Swinburn, president and CEO of Molson Coors. “With over 300 years of brewing heritage, we have a unique track record of delivering brands that are loved by generation after generation.”

New product innovations hitting U.S. shelves this summer include the Third Shift Amber Lager, which marks the first release in a series of award-winning beers. The light lager has a mild flavor profile that is perfect for a warm summer day. The Third Shift Amber Lager is a gold-medal winning, well-balanced, yet complex lager with a sweet maltiness, lightly toasted flavoring and subtle hops, according to the company.

U.S. consumers can also find Blue Moon’s latest limited release, Sunshine Citrus Blonde. Blue Moon brewers crafted this beer to awaken the palates of consumers for the warmer weather of summer. The company recommends pairing the light citrus notes of this blonde brew with dishes such as summer salads, grilled pork and fruit-based desserts.

Molson Coors Brewing Company is a leading global brewer that brews, markets and sells a portfolio of premium brands such as Coors Light, Molson Canadian, Carling, and Blue Moon across The Americas, Europe and Asia.


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Giant-Carlisle, Dole donate salad bars to Pa. schools

BY Alaric DeArment

BREINIGSVILLE, Pa. — Giant Food Stores of Carlisle, Pa., and Dole Food Co. have donated two salad bars to elementary schools as part of a program to promote healthy eating among children.

They are the latest of the more than 2,491 salad bars donated to schools across the country as part of the First Lady’s Let’s Move Salad Bars to Schools initiative. Rep. Charlie Dent, R-Pa., and Republican Pennsylvania state Rep. Ryan Mackenzie attended an event to mark the donation.

"Salad bar donations are a natural extension of Dole’s ongoing commitment to childhood nutrition," Dole VP marketing and corporate communications Marty Ordman said. "Giant Food Stores have been part of Pennsylvania communities for over 90 years."


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