Klein’s Family Markets Joins Wakefern Under ShopRite Banner
Keasbey, N.J. Klein’s Family Markets, based in Harford County, Maryland, announced that it will be joining the Wakefern Food retail cooperative. With membership in the cooperative, Klein’s will transition its seven stores to the ShopRite banner.
“Transitioning to the ShopRite banner will allow us to expand our offering throughout our store including a broader selection in our meat, produce, deli and bakery departments,” said Marshall Klein, perishable director of Klein’s Family Markets.
Klein also noted that the quality of the ShopRite private-label brand was another consideration when deciding to join ShopRite.
“Harford County residents will now have access to more than 3,000 ShopRite branded items, including imported specialty foods, that we believe will bring a new level of quality and value to our customers,” said Klein.
The Klein family becomes the forty-fourth member of Wakefern Food Corp. and will complete their transition to the ShopRite banner by the first quarter of 2009. In addition to providing its members with procurement, warehousing and distribution services, Wakefern is the marketing and advertising arm for ShopRite.
CVS Caremark 3Q earnings up 18.8%
WOONSOCKET, R.I. CVS Caremark announced that net revenues for the third quarter ended Sept. 27, increased $368.2 million to $20.9 billion, up from $20.5 billion during the third quarter ended Sept. 29, 2007.
Revenues in the retail drug store segment increased 5.3% to $11.5 billion in the third quarter, while same-store sales in the Company’s CVS/pharmacy division for the third quarter rose 3.7% over the prior year period.
Earnings from continuing operations for the third quarter increased 18.8% to $818.8 million compared with earnings from continuing operations of $689.5 million in the comparable 2007 period.
Tom Ryan, chairman, president and ceo of CVS Caremark said, “I’m pleased to report strong third quarter results, which were right in line with our expectations despite the uncertain economic environment.”
OfficeMax delays 3Q earnings release
NAPERVILLE, Ill. OfficeMax announced that it has delayed the release of its full 2008 third quarter earnings results so that the company can complete its analysis of the non-cash impairment charge caused by the bankruptcy of Lehman Brothers Holdings. OfficeMax continues to expect no adverse impact on its operations or liquidity as a result of the Lehman bankruptcy based on additional review completed since issuing its Sept. 19 press release.
Total sales in the third quarter of 2008 decreased approximately 9.5% to approximately $2.1 billion compared to the third quarter of 2007.
OfficeMax retail segment sales were approximately $1.05 billion in the third quarter of 2008, reflecting a same-store sales decrease of about 11.1% partly offset by sales from new stores. Retail same-store sales for the third quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending. Retail segment operating income for the third quarter of 2008 was approximately $29.1 million, or about 2.8% of sales, compared to operating income of $45.3 million, or 4.0% of sales, in the third quarter of 2007.