A&P announces widened loss in Q3, declines in sales, comps
Montvale, N.J. The Great Atlantic & Pacific Tea Co. reported Tuesday that losses for the third quarter ended Dec. 5 widened to $502 million — which included charges of about $425 million — compared with a loss of $3.8 million for the year-ago period.
Sales for the third quarter were $2.0 billion versus $2.1 billion last year. Comparable-store sales decreased 5.8%.
Christian Haub, executive chairman of the board, said, “The U.S. food retail market continues to face one of the most difficult and challenging environments in many years which analysts expect will extend through the first half of 2010. … Since assuming the role of interim CEO, I have launched efforts to assess all aspects of our business and to develop initiatives to improve our performance in the short term.”
A&P operates 433 stores in eight states and the District of Columbia under the banners A&P, Waldbaum’s, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.
Barnes & Noble College Booksellers launches textbook rental service
NEW YORK Barnes & Noble College Booksellers, a wholly owned subsidiary of Barnes & Noble, announced that it has created a multichannel textbook rental program for college students. According to the company, Barnes & Noble College is the first nationwide bookseller to offer a multichannel program.
At the beginning of the 2009 fall semester, Barnes & Noble College said it was test piloting the rental program in three of its 636 campus bookstores. Since then, the program has expanded to 25 of their campus bookstores including The Ohio State University, The University of Maryland, Borough of Manhattan Community College and University of South Carolina.
The rental program enables students to rent textbooks by logging into their campus bookstore’s e-commerce site. They can also rent from their campus Barnes & Noble bookstore.
“We’ve had a tremendous response from students and faculty to our rental program and as a result have continued to expand it to other colleges and universities across the country,” said Max Roberts, president of Barnes & Noble College Booksellers. “What makes our program so unique is that we’ve made saving on textbooks even easier for students by providing them the option of ordering their rentals online and having them shipped or picked up at their campus bookstore.”
Kodak names winner of Best Buy video contest
ROCHESTER, N.Y. Best Buy sales associate Jason Kuntz was named the winner of Kodak’s “Print & Prosper Playback Payback” video contest for his creative rap video, “Sweet Sound of Ink Savings,” Kodak reported.
Kodak said it designed the contest exclusively for Best Buy sales associates with the goal of helping them better understand and market Kodak’s savings message, specifically on its All-in-One (AiO) Inkjet Printers, which offer consumers savings of $110 a year on average on ink, based on as few as four pages per day.
“The Print & Prosper Playback Video Contest demonstrates Kodak’s dedication to providing unique support programs to our retail partners,” said Vincent Young, director, marketing communications, Americas region for Eastman Kodak Company. “We applaud Jason Kuntz and all the Best Buy retail associates who participated in the program for their creativity and commitment to educating consumers about the incredible value Kodak delivers with its innovative inkjet printers and affordable ink.”