FINANCE

Harris Teeter Inks Deal with Western Union

BY CSA STAFF

Matthews, N.C., Harris Teeter will add Western Union Co.’s money-transfer services at all 153 of its grocery stores by Nov. 8, according to the Business Journal. Harris Teeter shoppers will have the ability to send and receive money through the Western Union money-transfer service, send bill payments or prepay for wireless, home phone or Internet service, purchase a money order or load funds onto a Western Union Prepaid MasterCard.

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FINANCE

A.C. Moore Reports Loss

BY CSA STAFF

Berlin, N.J., A.C. Moore on Friday reported a third-quarter loss of $2.6 million, compared to $1.9 million a year ago. Comp-store sales rose 2%, while total sales for the quarter totaled $128.9 million, up from $115.1 million in the comparable period last year.

Results included a charge of $888,000 for severance costs related to the departure of executives. The company also had expenses of $643,000 for stock-based compensation.

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OPERATIONS

Report: Costco CEO, CFO Won’t Get Bonuses

BY CSA STAFF

New York City, Costco CEO Jim Sinegal and CFO Richard Galanti won’t get bonuses this year because of “imprecisions” with the company’s stock option granting process, according to the Puget Sound Business Journal. According to a filing with the Securities and Exchange Commission (SEC), Sinegal was eligible for a bonus of $200,000 and Galanti was eligible for an $82,000 bonus.

“A special committee of the board of directors concluded that there were imprecisions in the company’s stock option granting process and that these two officers had responsibility for administering that process,” the retailer wrote in the SEC filing. “Because of their responsibilities for the imprecisions in the process and the resulting need for the board inquiry, these officers suggested that they not receive bonuses for fiscal 2006,” the retailer wrote in the SEC filing.”

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