Spartan Stores reports drop in Q2 sales
GRAND RAPIDS, Mich. The lackluster economy caused a dip in sales of nearly $8 million for Spartan Stores, according to the supermarket operator’s quarterly earnings report.
Sales for the second quarter of the company’s 2011 fiscal year were $602.1 million, compared with $610.2 million during the same period last year, though the lower sales were offset partially by higher fuel sales.
Profits increased, however, to $11.3 million from $10.5 million in second quarter 2010.
Supervalu reports losses for Q2, adjusts guidance
MINNEAPOLIS A labor dispute at one of its banner stores, employee-related costs and an impairment charge attributed to a net loss of $1.47 billion for Supervalu in its second quarter, compared with earnings of $74 million last year, the company announced Tuesday.
Total net sales for the second quarter were $8.7 billion, the retailer said, compared with $9.5 billion. Second-quarter retail-food net sales were $6.7 billion, compared with $7.4 billion last year, a decrease of 9.7%, primarily reflecting the impact of same-store sales of -6.4% and previously announced market exits, Supervalu noted. Excluding Shaw’s, which was impacted by a labor dispute settled early in the quarter, same-store sales were -5.9%.
The intangible asset impairment charges totaled $1.516 billion after tax, or $7.16 per diluted share.
“Our sales performance continues to reflect a difficult operating environment. As the company moves into the next phase of its business transformation, we remain focused on our customers and taking actions that will better meet their needs. I remain confident that we have the correct strategy in place to achieve long-term success,” said Supervalu president and CEO Craig Herkert.
Supervalu adjusted its guidance from $1.61 to $1.81, as the retailer now expects a net loss in fiscal 2011 in the range of $5.94 to $5.74 per diluted share.
Commenting on guidance, Herkert stated, “It will take longer than originally anticipated to realize the benefit of the marketing, merchandising and operational initiatives that we continue to build upon. Accordingly, we are adjusting our guidance to better reflect this outlook.”
Target officially unveils Kodak photo kiosks with Facebook connectivity
MINNEAPOLIS Target shoppers now can enjoy social network connectivity at in-store Kodak picture kiosks.
As previously reported in June, Target guests now will be able to create a variety of stunning photo products ranging from standard prints to personalized photo keepsakes, such as Kodak photo books, collages, calendars, holiday and greeting cards, Kodak picture movie DVDs and more.
With more than 500 million users and 3 billion photos uploaded to Facebook each month, Kodak picture kiosks enabled with social network connectivity give Target guests a convenient way to easily print online photos in stores.
“Kodak has always been a leader in innovative photography solutions, and Target is proud to be the first mass retailer to offer this creative solution nationwide,” said Mark Schindele, SVP merchandising at Target. “We know our guests are increasingly sharing their photos online, and Kodak Picture Kiosks with Social Network Connectivity allow them access to their favorite photos along with the convenience of printing the images during their regular Target shopping trip.”