Economy hits Stater Bros.’ fiscal-year results
SAN BERNARDINO, Calif. — Stater Bros. on Wednesday disclosed a more than 4% decrease in sales for fiscal year 2010.
The California supermarket chain said sales for the fiscal year ended Sept. 26 were $3.61 billion, down from $3.77 billion in fiscal year 2009. Sales for the fourth quarter also experienced a decline, dropping to $897.4 million, down 3.15% over the year-ago period.
Net income for Stater Bros. totaled $24.6 million for the 2010 fiscal year, compared with $34.8 million in the 2009 fiscal year. Net income for the fourth quarter of fiscal 2010 was $5.9 million, versus $5 million in fiscal 2009.
Stater Bros. leader Jack Brown said that while the chain is facing tough economic and competitive pressures, the retailer is "committed to controlling costs as [we] weather the effect of these economic times."
Kroger names new president for Cincinnati/Dayton division
CINCINNATI — Retail giant Kroger has named a new divisional president, replacing an executive who recently was promoted to SVP retail operations.
Sukanya Madlinger, who worked for Kroger for nearly 25 years, now will be president of the company’s Cincinnati/Dayton division — which operates 110 stores in Cincinnati, Dayton, northern Kentucky and southeastern Indiana — replacing Geoffrey Covert. Covert was named SVP retail operations for Kroger after the retirement of Paul Scutt.
Prior to her new position, Madlinger served as the retailer’s VP drug, general merchandise and pharmacy merchandising.
Kodak’s board approves promotions
ROCHESTER, N.Y. — Kodak announced Wednesday that its board of directors promoted three executives.
Laura Quatela, chief intellectual property officer, and Terry Taber, chief technical officer, were named SVPs this week. Quatela, who also assumes the role of general counsel, will add SVP to her title on Jan. 1. Taber’s election is effective immediately.
Kodak’s board also elected Timothy Lynch — who currently serves as managing director of intellectual property transactions — as a VP of the company, effective immediately.