First Bharti Wal-Mart to Open in Punjab
Chandigarh, India The first store of the joint venture between Bharti Enterprises and Wal-Mart is set to open in Punjab, India. The store is slated to open within the next three to four months.
Bharti Retail is said to be starting in Punjab because of its connection with the company.
Bharti Enterprise and Wal-Mart signed an agreement in November 2006, giving Wal-Mart entrance into the country under the name Bharti Wal-Mart. In April 2007, the companies signed a deal for a joint venture in cash-and-carry and back-end supply for its retail operations.
Kroger approves $1 billion buyback plan
CINCINNATI Kroger announced today that its board of directors has authorized the repurchase of $1 billion of Kroger common stock.
According to Kroger, the repurchase authorization replaces the $1 billion stock buyback announced in June 2007. The timing of the repurchases will vary according to market conditions, the company reported.
Kroger said it plans to use free cash flow to repurchase shares and pay dividends. Since January 2000, Kroger has returned $4.8 billion in stock repurchases and $290 million in dividends to shareholders.
“The new share repurchase authorization reflects our confidence in the company’s Customer 1st strategic plan and our belief that Kroger shares represent an attractive investment opportunity,” said David Dillon, Kroger chairman and ceo.
Report: Wal-Mart purges magazine rack
BENTONVILLE, Ark. Wal-Mart reportedly has decided to remove more than 1,000 magazines from its stores.
The New York Post reported that the company is thought to generate more than 20% of all retail magazine sales in the United States.
The Post reported that most of the magazines are small, or discontinued titles such as Child, Celebrity Living and FHM. However, some big names, including Better Homes & Gardens, Parenting and Town & Country, will no longer have a place on Wal-Mart shelves.