FINANCE

CarMax Posts Lower Net Profit

BY CSA STAFF

Detroit CarMax Inc. on Wednesday posted a lower quarterly profit and cut its outlook for the year, hurt by increased funding costs related to its auto finance unit.

Net income in the third quarter fell to $29.8 million compared with $45.4 million in the year-earlier quarter.

Net sales and operating revenue rose 7% to $1.89 billion from $1.77 billion a year before.

Comparable-store used-vehicle sales were flat in the quarter compared with a 13% increase last year.

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Stop & Shop to expand deli kiosk service

BY CSA STAFF

BOSTON Stop & Shop will be offering customers access to self-service deli ordering in more than 200 stores by the first quarter of 2008.

Modiv Media, the maker of the Modiv DeliVision kiosk used by Stop & Shop in select stores, as well as other supermarket chains, announced Monday that Stop & Shop would be expanding the use of the service, which allows customers to place their deli order using a touch screen and informs them when the order will be filled, thus eliminating the need to wait in line. In addition, customers, are able to scan their loyalty card for easy ordering of their favorite items.

 

Using Modiv DeliVision, Stop & Shop can now provide a new way for customers to shop, said Christine Dorman, senior vp of operational and strategic initiatives and support services for Stop & Shop. DeliVision gives us an opportunity to enhance customer satisfaction and increase our efficiency. 

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Del Monte board elects Williams-Sonoma cfo

BY CSA STAFF

SAN FRANCISCO Del Monte Foods has announced that it has named Williams-Sonoma executive Sharon McCollam to its board of directors.

Sharon McCollam has served as evp, coo and cfo of Williams-Sonoma since July 2006. She joined the company in March 2000 as vp of finance. From 1993 to 2000, McCollam held a variety of positions at Dole Foods, including vp and cfo of the Dole fresh vegetables division from 1996 to 2000.

We are delighted to welcome Sharon to our board of directors, commented Richard Wolford, ceo and chairman of the board. We believe Sharons participation as a board member will be very beneficial to Del Monte Foods. Her experience is complementary to our business; she contributes additional financial expertise, and as well, will provide important retail and consumer packaged goods perspective for our business. 

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