Meijer opens Detroit supercenter
Grand Rapids, Mich. — Meijer will open its first supercenter in the city of Detroit, at the Gateway Marketplace shopping center, on July 25. The 190,000-sq.-ft. store will include fresh produce and a full-service, drive-thru pharmacy walk-in health screenings, immunizations and specially trained diabetes-care pharmacists.
“We are thrilled to offer the Meijer experience to our new neighbors," Meijer Co-chairman Doug Meijer said. "There’s so much history and pride here, so many people who’ve lived their entire lives in the city of Detroit, that the opportunity to provide healthy living options and help encourage growth is something our company is grateful to be a part of."
Loblaw increases earnings, revenue in Q2
Brampton, Ontario — Loblaw Companies Limited reported higher earnings and revenue in the second quarter of fiscal 2013 as compared to the same period in fiscal 2012. Lolbaw’s net earnings for the quarter totaled USD $173.2 million, up 14% from $151.8 million.
The retailer reported revenues of $7.31 billion, a 2% increase from $7.18 billion a year earlier. Same-store sales improved 1.1%.
“The investments we have made to advance our customer proposition once again translated into improved same-store sales performance in an intense competitive environment," said Galen G. Weston, executive chairman of Loblaw. "At the same time, better mix and good expense management delivered improved earnings.”
Galen also said that the IPO of the company’s Choice Properties real estate investment trust and merger with Shoppers Drug Mart announced this month, combined with strong quarterly results, should produce positive results moving forward. The company is raising its outlook to expect mid-single digit operating income growth for fiscal 2013.
Men’s Wearhouse to repurchase $100 million in stock
Houston – The Men’s Wearhouse, Inc. has reached an agreement to repurchase $100 million worth of common stock from JPMorgan Chase Bank, NA under an accelerated share repurchase program. The retailer will buy the shares as part of an ongoing $200 million share repurchase program announced in March of this year. Men’s Wearhouse expects to close the transaction by the end of fourth quarter 2013.
Initially, the retailer will get nearly 2,197,000 shares from JPMorgan, approximately 85% of the total number of shares projected to be repurchased. The price at which Men’s Wearhouse will acquire these shares will be calculated on the basis of volume-weighted average share price. The company intends to fund this accelerated share repurchase program with cash in hand and/or by utilizing its existing credit facility.