Costco plans buyback, raises dividend
Issaquah, Wash. — Costco Wholesale Corp. said Tuesday that its board of directors has approved a $4 billion share buyback program. The company also raised its quarterly dividend by 17% to 24 cents, up from 20.5 cents.
The share buyback program expires in April 2015 and replaces a previous plan set to expire in July which had $800 million remaining.
Fairway Market selects Revionics for price optimization
Roseville, Calif. — Revionics, Roseville, Calif., a leading provider in retail life cycle price-optimization solutions, announced that Fairway Market has selected the Revionics Price Optimization solution for base pricing.
Fairway Market’s current size and future growth plans require a price management and optimization system to manage the growth across all products and categories, which Revionics offers. As part of its strategic growth plan, Fairway has defined its category roles and key value items (KVIs), which Revionics will help monitor, manage and optimize.
“There were several reasons we selected Revionics’ Price Optimization over other retail pricing solutions,” said Kevin McDonnell, chief merchandising officer, Fairway Market, New York City. “It is robust and easier to use than other price optimization products, and we believe Revionics will truly partner with us to achieve our strategic, operational and financial objectives.”
Initially, Fairway’s objective is to properly define the category roles and automate its price maintenance. Price optimization tailored for each store will be the final step.
Jones Q1 profit down 34% on charges, costs
New York City — Jones Group’s net income fell 34% in the first quarter, weighed down by higher costs and charges tied to an acquisition.
Jones Group earned $25.9 million, compared with $39.4 million a year ago.
Jones Group said its quarterly results included about $11 million in costs and charges tied to its Stuart Weitzman acquisition and other restructuring and strategic review costs. Last year’s quarter included costs and charges totaling approximately $3 million.
Revenue increased to $961.3 million from $887.3 million, surpassing Wall Street’s $919.2 million.