Fred’s Q3 income falls 27%
Memphis, Tenn. — Fred’s on Tuesday said third-quarter net income dropped 27% amid rising costs and declining same-store sales, as sales in its established stores dropped and its costs rose.
The company reported Tuesday that it earned $6.6 million in the three months through Oct. 27, compared with $9 million a year earlier.
Revenue rose 1% to $450.6 million. Same-store sales were down 2.5%.
General expenses rose 4% to $118.1 million, fueled in party by higher labor costs and new store opening costs.
Former Best Buy CMO joins Lowe’s
Mooresville, N.C. — Lowe’s Companies announced that that Marise Kumar has joined the company as senior VP strategy and modeling. She joins Lowe’s with more than 25 years of experience in brand management, general management and executive leadership, serving most recently as chief customer experience officer and chief marketing officer for Best Buy.
Kumar is responsible for identifying opportunities that will positively impact the customer experience. She will work closely with leaders in Customer Experience and across the organization to ensure these opportunities are practical, financially valid and create a compelling experience for customers across all channels.
Walgreens’ Black Friday promotions go multichannel
Deerfield, Ill. — Walgreens will be making a multichannel play for Black Friday customers through a mystery mobile coupon, the retailer announced Tuesday.
“This promotion is an excellent example of how technology and innovation work together to provide customers with a great offer that increases engagement and enhances their shopping experience,” stated Sona Chawla, president of e-commerce for Walgreens. “At a time when shoppers are out looking for the best deals, we’re making it easy by sending real-time, relevant offers directly to them.”
When users open the Walgreens app home screen beginning Black Friday and running through Nov. 25, they can “swipe to reveal” exclusive Walgreens offers and discounts on Starbucks Doubleshot Energy Coffee products at their local Walgreens. The Walgreens app is easily integrated into the iPhone’s Passbook, where the offers will also appear.
Also available through the Walgreens mobile app from Friday through Sunday is a chance to enter a Black Friday sweepstakes to win 1 million Balance Rewards points. Walgreens in September launched the Balance Rewards customer loyalty program, which offers customers ways to save, earn points and get rewarded for purchases, services and healthy lifestyle behaviors.
Walgreens has introduced the latest updates to its mobile app, allowing for more personalized and relevant experiences for easy access on-the-go or in-store, including the addition of photo editing functionality powered by Aviary to its QuickPrints app; a platform that allows customers to use a digital shopping list to map and locate items in a store by posting a pin on the map; and tablet users can quickly access Walgreens new magazine, Happy and Healthy: Your Guide To Living Well With Walgreens, through the company’s shopping app.
Also, Walgreens is offering 16 unique holiday card templates, which can be accessed and customized via the iPad app. The cards, which come in packs of 20 along with envelopes, are available to pick up at a local Walgreens in about an hour.