Ahold Posts Loss
Amsterdam, Ahold posted an operating loss of 37 million euros ($48.2 million) for the three months ended September, compared to an operating profit of 34 million euros last year.
“Albert Heijn, Giant-Carlisle and U.S. Foodservice showed an improved underlying performance in the third quarter,” said chief executive Anders Moberg in a statement. “Our results at Stop & Shop and Giant-Landover continue to reflect competitive pressure and integration issues.”
Tweeter Has Tough 4Q, Year
Canton, Mass., Tweeter Home Entertainment Group narrowed its net loss to $10.3 million from $12.6 million in its fourth quarter ended Sept. 30. Total revenues were down 3.1% to $175.9 million, as comp-store sales sank 3.5%.
For the fiscal year, Tweeter’s net loss widened to $18.2 million from $11.7 million the year before. Sales were up 0.1% to $778.2 million, despite a 1% decline in same-store sales.
The company said its results were impacted by hurricanes, which disrupted store operations across the Southeast, and the discontinuation of the retailer’s Bang & Olufsen stores.
Wal-Mart Will Allow Unions in China
Beijing, Under pressure from the Chinese labor federation, Wal-Mart Stores said it would allow workers to set up a trade union in its Chinese stores if employees request it.
“Should associates request formation of a union, Wal-Mart China would respect their wishes and honor its obligations under China’s Trade Union Law,” the retailer said in a statement. “Currently, there are no unions in Wal-Mart China because associates have not requested that one be formed.”
The 123-million member All China Federation of Trade Unions, a state organ that controls virtually every union in the country, had threatened to sue Wal-Mart and other companies based outside China if they don’t set up union branches in their China operations.