Casey’s CEO urges rejection of Couche-Tard directors
Ankeny, Iowa Casey’s General Stores said Monday it has sent a letter to its shareholders urging them to re-elect the company’s current board of directors instead of Alimentation Couche-Tard’s slate.
Couche-Tard had submitted a letter of its own to Casey’s shareholders last week as part of its hostile campaign to acquire the convenience store chain.
In the letter Monday, Casey’s president and CEO Robert Myers again accused Couche-Tard of making a “low-ball offer.”
“Make no mistake, Couche-Tard is attempting to replace your board with its hand-picked slate of directors to achieve one purpose: a quick sale of Casey’s to Couche-Tard at a low price,” Myers said. “Couche-Tard continues to make misleading statements about Casey’s board in an attempt to distract you from the inadequacy of its offer.”
He also defended his company’s recently announced $500 million recapitalization plan to purchase 25% of Casey’s stock. Couche-Tard had claimed the plan was an attempt to artificially inflate share prices.
“The recapitalization implements the board of directors’ decision to create a more efficient and lower cost capital structure, one that will boost returns to equity holders,” Myers said.
Hibbett reports strong quarter, raises FY guidance
BIRMINGHAM, Ala. Hibbett Sports reported that net sales for the 13-week period ended July 31, increased 13.6% to $139.8 million compared with $123.1 million for the 13-week period ended Aug. 1, 2009. Comparable-store sales increased 11.9%, making it the second straight quarter the company has produced double-digit comparable-store sales growth. Net income for the second quarter of fiscal 2011 increased 261.9% to $4million compared with $1.1 million for the second quarter of fiscal 2010. Earnings per diluted share increased 257% to 14 cents compared with 4 cents for the second quarter of fiscal 2010.
Net sales for the 26-week period ended July 31, 2010, increased 15.5% to $324.3 million compared with $280.8 million for the 26-week period ended Aug. 1, 2009. Comparable-store sales increased 13.4%. Net income for the 26-week period ended July 31, was $21.4 million compared with $12 million for the 26-week period ended Aug. 1, 2009. Earnings per diluted share increased 75% to 73 cents compared with 41 cents for the 26-week period ended Aug. 1, 2009.
Jeff Rosenthal, president and CEO, stated, “This was a tremendous first half of the year for Hibbett with earnings already equaling what we achieved in the first three quarters last year. Based on our strong second quarter and year-to-date performance, coupled with continuing strong comparable store sales trends into the third quarter, we are raising our expectation for fiscal 2011.”
The company increased its earnings guidance for fiscal 2011 to a range of $1.45 to $1.55 per diluted share based on a mid- to high-single-digit increase in comparable-store sales in the second half of the year.
Whole Foods launches wellness app
AUSTIN, Texas Whole Foods Market announced that its Missions App is available on the App store. As a part of the company’s ongoing mission to promote wellness and encourage healthier lifestyles, the Whole Foods Market Missions App will help users eat better and live better, the company reported.
The app provides users with more than 70 challenges, or “missions,” that they can engage in to earn badges and share their progress with friends via Facebook, Twitter and email, Whole Foods reported. The app also provides tips on on nutrition, food selection, storage and cooking as well as a store locator.
“At Whole Foods Market our shoppers often come to us for advice on how to take charge of their health,” said Chad Sarno, global “Health Starts Here” culinary educator for Whole Foods Market. “The Missions App helps iPad, iPhone and iPod touch users incorporate healthy foods, exercise, and more through simple, everyday steps.”