Mixed Bag of Results for Tuesday
Pleasanton, Calif., •Safeway Inc. posted net income of $134 million for its second quarter, ending June 18, down from $155.2 million in the same quarter a year ago. Revenues increased 4.7% to $8.8 billion on same-store sales growth of 3.3%.
• 7-Eleven Inc. reported net earnings of $57.2 million in its second quarter ended June 30, up from $47 million in the year-ago period. Total revenues grew 9.1% to $3.4 billion in the quarter, driven by 5% growth in same-store merchandise sales.
• Mothers Work Inc. reported net income of $5.5 million for its third quarter, down from $6.8 million in the year-ago period. The decline came despite a 9.4% improvement in sales to $152.7 million. Same-store sales fell 1.9%.
Wal-Mart Abandons Singles-Shopping Program
Bentonville, Ark., Though successful in its German stores, Wal-Mart has put an end to its Singles Shopping in the United States.
Active in just one store in Roanoke, Va., the Singles Shopping program had Friday-evening unattached customers adorning their shopping carts with a red bow to signal availability. “Flirt points” were set up in various sections of the store.
Complaints led to the dissolution of the program.
A&P Reports $89 Million Loss
Montvale, N.J., A&P reported a net loss of $89 million for the first quarter of the fiscal year ending June 18. Sales for the first quarter were $3.4 billion, a 3.1% increase. The loss includes $68 million worth of charges.
Christian Haub, CEO of A&P, said the company plans to complete the sale of its Canadian stores in the second quarter. He said A&P will use the proceeds of the sale to counter the loss and remodel stores. According to Haub, A&P is getting good returns on full-scale remodels of stores, which cost $1.5 million each, so the company plans to do more remodeling.