OPERATIONS

Duane Reade names president

BY CSA STAFF

Duane Reade said Friday it has promoted Joe Magnacca from executive VP and chief merchandising officer to president.

Magnacca joined Duane Reade in October 2008 as senior VP and chief merchandising officer. He was subsequently promoted to executive VP while retaining his merchandising responsibilities.

Duane Reade was acquired earlier this year by Walgreen Co. for nearly $1.1 billion. The company said that Duane Reade CEO John Lederer will continue to work with John Spina, Walgreens VP retail integration and new format development, on the integration of the two companies.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Safeway quarterly results in line with expectations

BY CSA STAFF

PLEASANTON, Calif. Safeway reported net income of $141.3 million (37 cents per diluted share) for the second quarter of 2010 compared with $238.6 million (57 cents per diluted share) for the second quarter of 2009. The second quarter of 2009 included a $57.8 million tax benefit (14 cents per diluted share) from the resolution of a tax matter.

“Our second quarter results were in line with our expectations, and we are encouraged by our volume trends in the quarter,” said Steve Burd, chairman, president and CEO. “However, deflation continues in price per item and is not expected to significantly improve until the fourth quarter. As a result, we have lowered our expectations for the balance of the year.”

 

Total sales were $9.5 billion in the second quarter of 2010, essentially flat compared with $9.5 billion in the second quarter of 2009. A higher Canadian exchange rate and higher fuel sales were largely offset by a 2.5% decline in identical-store sales, excluding fuel, the company reported.

Safeway is updating guidance for the year to $1.50 to $1.70 earnings per diluted share and non-fuel ID sales of -1% to -1.5%. The company said it continues to expect cash capital expenditures of approximately $0.9 to $1.0 billion and free cash flow of $0.9 to $1.1 billion.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Amazon.com 2Q sales up 41%

BY CSA STAFF

SEATTLE Amazon.com announced that net sales increased 41% to $6.57 billion in the second quarter, compared with $4.65 billion in second quarter 2009. Excluding the $48 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 42% compared with second quarter 2009.

Net income increased 45% to $207 million in the second quarter, or 45 cents per diluted share, compared with net income of $142 million, or 32 cents per diluted share, in second quarter 2009.

   

“We’re seeing rapid growth in Kindle, Amazon Web Services, third-party sales, and retail. We’re also encouraged by what we see in mobile. In the last twelve months, customers around the world have ordered more than $1 billion of products from Amazon using a mobile device,” said Jeff Bezos, founder and CEO of Amazon.com. “The leading mobile commerce device today is the smartphone, but we’re excited by the potential of the new category of wireless tablet computers. Over time, tablet computers could become a meaningful additional driver for our business.”

For the third quarter, Amazon.com expects net sales to be between $6.9 billion and $7.6 billion, or to grow between 27% and 40% compared with third quarter 2009.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...