May Co. Sales and Earnings Slip in Q4
St. Louis, May Department Stores Co. posted net earnings of $339 million in the fourth quarter ended Jan. 29, down 20.2% from $425 million in the same quarter last year. Sales increased 12.1% to $5.04 billion. Same-store sales-decreased 5.2%.
The company said the integration of Marshall Field’s continues on schedule. The majority of merchandise and financial systems were converted successfully during the first week of February. The remaining system conversions primarily relate to store point of sale equipment. May acquired 62 Marshall Field’s department stores in eight states last year.
Iceland Firm Bids on Somerfield
New York City, The Baugur Group offered $1.85 billion to acquire Somerfield Plc, which operates 500 Kwik Save and 700 Somerfield supermarkets in the United Kingdom. If the deal goes through, it will create the fifth-largest food retailer in the United Kingdom. The Baugur Group, based in Reykjavik, Iceland, is the largest retailer in Iceland.
Jewell Food Stores Settles With EPA
New York City, Jewell Food Stores settled with the Environmental Protection Agency regarding an alleged faulty refrigeration system at dozens of stores. Jewell, a division of Albertson’s, agreed to retrofit units at 37 stores with systems that don’t create chlorofluorocarbons, or CFCs, which damage the ozone layer. The company also agreed to pay $100,000 in fines.