Kentucky grocer acquires another store from Supervalu
Cincinnati Kentucky-based regional grocery chain Remke Markets has acquired another Cincinnati-area store from Supervalu.
Remke Markets is buying the Bigg’s grocery in the western Cincinnati suburb of Harrison, the seventh store it’s bought from Minneapolis-based Supervalu.
Remke now owns 14 grocery stores in northern Kentucky and the Cincinnati area that is home to the Kroger Co. national grocery chain.
Supervalu announced last week it would close five Bigg’s stores, including Harrison, and sell six to Remke.
Pep Boys sees improved earnings, but sales slide
PHILADELPHIA The Pep Boys – Manny, Moe & Jack reported that sales for the fourth quarter ended Jan. 30 decreased by $12.6 million, or 2.7%, to $452.9 million from $465.5 million for the fourth quarter ended Jan. 31, 2009. Comparable sales decreased 3.9% due to a 4.9% comparable-merchandise sales decrease partially offset by a 0.7% comparable service revenue increase.
Net Earnings for the fourth quarter of fiscal 2009 increased to $2.3 million, or 4 cents per share, from a loss of $33.3 million, or 63 cents per share recorded in the same period last year.
Sales for the fiscal year ended Jan. 30 decreased by $16.9 million, or 0.9%, to $1.91 billion from $1.93 billion for the fiscal year ended Jan. 31, 2009. Comparable sales decreased 1.2% due to a 2.6% comparable-merchandise sales decrease partially offset by a 4.7% comparable service revenue increase.
Net Earnings for fiscal 2009 increased to $23 million, or 44 cents per share, from a loss of $30.4 million, or 58 cents per share, recorded in the same period last year.
“We are pleased to report that we met our 2009 ‘Back in Black’ commitment – to return to profitability – for both the full year and each quarter,” said CEO Mike Odell. “The foundation of our turnaround has been our commitment to our customers and our focus on core automotive products and services. While we did not enjoy a comparable-store sales increase in the fourth quarter, as we did in the third quarter, we did achieve customer count increases in both service and commercial. Two years into our three-year turnaround plan, our improved disciplines in category management, expense controls and margin controls resulted in our fourth quarter profitability despite the soft holiday season.”
Target March comps up 10.3%
MINNEAPOLIS Target reported that its net retail sales for the five weeks ended April 3 were $6.2 billion, an increase of 12.5% from $5.5 billion for the five weeks ended April 4, 2009. On this same basis, March comparable-store sales increased 10.3%.
“March comparable-store sales exceeded our expectations, driven by particular strength in our apparel business,” said Gregg Steinhafel, chairman, president and chief executive officer of Target. “The combination of actual March and projected April sales performance is expected to produce a 3% to 5% increase in same-store sales for this nine-week period. Additionally, both of our business segments are on track to well exceed their respective profit plans for the first quarter. As a result, we expect Target’s first quarter EPS to exceed by 10 cents or more the current first call median estimate of 74 cents.”