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Costco reports third-quarter, year-to-date financial results

BY Alaric DeArment

ISSAQUAH, Wash. Costco Wholesale Corp. reported third-quarter net sales of $17.39 billion, a 12% increase over third quarter 2009’s $15.48 billion, according to financial results released last week.

Net sales for the year to date were $52.66 billion, compared with $48 billion in 2009.

Profits for the quarter were $306 million, compared with $210 million in third quarter 2009, while year-to-date profits were $871 million, compared with $712 million in 2009.

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Kodak introduces new Vision3 products

BY Allison Cerra

ROCHESTER, N.Y. Kodak has added new products to its Vision3 line of motion picture products.

The stock additions include a medium-speed, tungsten-balanced color negative camera film and a color intermediate film optimized to work with digital post-production technologies.

“These new Vision3 films are the tangible result of our ongoing commitment to filmmakers,” said Kim Snyder, president of the Entertainment Imaging Division and VP of Eastman Kodak Co. “They were designed based on our customers’ suggestions and with the goal of increasing creative freedom and efficiencies in production and post-production. As filmmaking technology evolves, Kodak continues to lead the way, delivering the highest quality imaging systems and innovative products and services for visual storytellers,” Snyder added. 

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Supervalu names EVP market, real estate development

BY Michael Johnsen

MINNEAPOLIS Supervalu on Tuesday promoted J. Andrew Herring as the company’s EVP market and real estate development, effective June 6.

Herring, 51, most recently served as SVP real estate and store development. In his new role, he will be responsible for driving Supervalu’s major growth initiatives, including store development for the company’s traditional retail and Save-A-Lot stores and for its independent retailers, as well as new store growth. Herring will report directly to Craig Herkert, Supervalu CEO and president.

“Driving growth is a critical element of our strategy, and I’m excited to have [Herring] lead this effort and join my executive team,” Herkert said. “[Herring] has a broad range of experience with the company beyond real estate and has played key roles in many of our largest acquisitions. He has been a great asset to us for 12 years and will be invaluable as we continue our focus on being America’s Neighborhood Grocer.”

Herring joined Supervalu in February 1998 as VP corporate development and external relations and was promoted to SVP in 1999. In this position, he was responsible for mergers and acquisitions, corporate communications, industry and government relations, and the company’s corporate foundation. In 2002, he was named EVP Supervalu retail pharmacies, responsible for the company’s in-store pharmacy operations. Starting in late 2005 and during 2006, Herring played a leading role in the acquisition of certain assets of Albertsons and worked in the Supervalu Enterprise Office on post-merger integration matters related to the acquisition.

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