Kohl’s delays quarterly filing
New York City — Kohl’s said it has notified the U.S. Securities and Exchange Commission that it is delaying filing its second quarter filing as its deals with previously reported errors in its accounting for both store and equipment leases.
As a result of these and other less significant accounting corrections, Kohl’s expects to record additional property and financing obligations on its balance sheet. The company said it doesn’t expect the corrections to have an impact on the net increase or decrease in cash and cash equivalents reported.
Kohl’s said it expects to file the results for the second quarter, as well as its restated 2010 annual report and report for the first quarter ended April 30, by no later than Sept. 13.
Kroger profit up 7.3%
Cincinnati — The Kroger Co. reported Friday that net income in the second quarter rose 7.3% to $280.8 million. The company said earnings got a boost from tax adjustments and sales at its gas stations.
Sales increased 11.5% to $20.9 billion. Same-store sales were up 5.3%.
“Our ongoing investments in the four keys — our people, products, prices and the shopping experience — continued to enhance our connection with customers and drive positive identical sales growth,” said David B. Dillon, Kroger’s chairman and CEO.
Walmart expands reach with new smaller-format store in Midwest City, Okla.
MIDWEST CITY, Okla. — Walmart is gearing up to open a Neighborhood Market store this month in Midwest City, Okla.
The 40,000-sq.-ft. format will offer customers quick access to low-cost groceries, prescriptions and household products. The store officially will open its doors on Sept. 21.
As previously reported, Walmart president and CEO Bill Simon said that the Neighborhood Market format is being rebranded as Walmart Market.
“With our smaller format, our store is perfect for those on the go. Whether they’re stocking up or need to pick up just a few items, our customers will be able to find what they need quickly and easily,” store manager Paul Engelken said. “Our customers will be able to find familiar brands and local products at great values, right in their own neighborhood.”