Office Depot loss widens in second quarter
Boca Raton, Fla. — Office Depot reported Tuesday that it loss widened to $29 million in the second quarter, compared with a loss of $25 million in the year-ago period.
Sales were essentially flat in the quarter, at $2.7 billion. By division, total sales dipped 2% in the North American retail division to $1.1 billion, and same-store sales decreased 1%. During the second quarter of 2011, the division closed 14 stores, opened four stores and relocated four stores, bringing the total count for North America retail to 1,131 stores.
The international division fared better, with sales growing 6% in U.S. dollars to $827 million.
Supervalu Q1 net income up 10%, results top estimates
Minneapolis — Supervalu reported Tuesday that earnings for the first quarter rose 10% to $74 million, compared with $67 million in the year-ago period. The grocer cited effective cost-cutting for the strong performance, which topped Wall Street expectations.
The operator of Albertsons and Jewel-Osco supermarkets saw revenue fall 4% to $11.11 billion, just missing analysts’ expectations of $11.13 billion. Same-store sales dropped 3.9%.
Results were helped by "new planning tools, analytics and a hyper local focus," CEO Craig Herkert said in a statement.
Walmart.com uses Vudu to offer video streaming
Santa Clara, Calif. — Wal-Mart Stores said Tuesday that it is leveraging last year’s acquisition of video-streaming service Vudu to launch digital online movie rental and streaming on Walmart.com.
On Tuesday the retailer started offering 20,000 titles that can be viewed on almost any device with Internet access, from PCs to televisions to Sony’s PlayStation3 and other Blu-Ray disc players.
This is Wal-Mart’s second try at competing with Netflix, as it previously offered a DVD-by-mail service but it stopped that service in February 2010.
"At Walmart, one of our key priorities is to provide a continuous channel for our customers, from our stores to our powerful e-commerce and social media platforms," said Steve Nave, senior VP and general manager, Walmart.com.