Pier 1 Quarterly Loss Widens
Fort Worth, Texas, Pier 1 Imports on Thursday said its quarterly loss more than doubled amid tepid sales and that it expects to close more stores than previously planned as it strives to return to profitability.
In a regulatory filing on Thursday, the company said it expects to close 100 stores rather than the 60 it had previously planned, and cut some more jobs. The company did not specify how many jobs it planned to cut.
For the first quarter, net losses widened to $56.4 million from $23.2 million. Quarterly sales fell 5.2% to $356.4 million.
Results were also hurt by a one-time charge of $3.5 million related to previously announced job cuts, the company said in a statement.
Albertsons to sell OK stores
OKLAHOMA CITY In effort to cut costs, Albertson’s is planning to sell 23 of its Oklahoma grocery stores to four different retailers by the end of July, according to reports.
The stores reportedly will be purchased by Homeland Stores, RPCS Incorporated, Williams Discount Foods, Reasor’s Incorporated
The company is also said to be selling its Fort Worth Distribution Center to Associated Wholesale Grocers.
Tesco confident in Fresh & Easy format
SAN DIEGO Tesco today outlined its plans for its Fresh & Easy Neighborhood Market stores in San Diego. According to the company, Tesco has secured seven sites in the area and is researching additional locations. The markets are being touted as smaller than the average supermarket, giving consumers a faster, easier shopping experience. In addition to San Diego, the company will open Fresh & Easy Neighborhood Market stores throughout Southern California and in Phoenix and Las Vegas.
In preparation for its U.S. debut, Tesco said it used extensive customer research in local U.S. markets combined with the learnings from Tesco’s highly innovative Express format which it operates in more than 1,000 stores in seven countries, to come up witht the right store format.
“We literally went into their kitchens and looked in their refrigerators,” said Fresh & Easy Neighborhood Market ceo, Tim Mason. “Based on our research, we are confident our stores will be a hit in every neighborhood we open in.”