Price Chopper Unveils Green Initiatives
Schenectady, N.Y. Price Chopper announced Friday that it is continuing the company’s green focus by engaging in two eco-friendly building projects and an energy-awareness campaign.
In addition to a previously announced partnership with commercial-refrigeration systems manufacturer Hill Phoenix on the design and installation of the first next-generation CO2 refrigeration system in North America at a newly remodeled store in Saratoga Springs, N.Y., Price Chopper said it has other environmentally friendly irons in the fire.
Other green programs under way at Price Chopper include:
• A continuous improvement effort that has led to a reduction in lighting and oven usage overnight, reduced neon signage, lighting and fan retrofits, excess spotlight removal, motion-sensor installations, and an ongoing chainwide energy awareness campaign;
• A new Colonie, N.Y., store will be the first silver level LEED-certified supermarket in New York State;
• The company’s new main office complex in downtown Schenectady will incorporate recycled materials, daylight harvesting, raised flooring to allow for more efficient installation of electrical and HVAC components, energy-management controls, rainwater harvesting for irrigation, fuel cells to supplement power from the grid, and photovoltaics as it pursues gold-level LEED certification.
Walgreens to reduce drug store growth
DEERFIELD, Ill. Walgreens reported that it plans to reduce its organic drug store growth from about a 9% increase for the current fiscal 2008 year to about 6% in fiscal 2010 and to about 5% annual increases beginning in fiscal 2011.
Previously, the company had planned a long-term store growth rate of 8 %. New store openings that are already in the pipeline are expected to result in approximately 8% organic store growth in fiscal 2009.
According to Walgreens, its planned future expansion rates are the equivalent of opening about 495 net new organic stores in fiscal 2009, 425 in fiscal 2010 and 365 in fiscal 2011. These new growth targets resulted from the company’s regular review of its growth and capital expenditure plans.
“This move allows us to improve both return on invested capital and overall shareholder value,” said Walgreens chairman and ceo Jeffrey Rein. “At the same time, it gives us the flexibility to invest in our core strategies.”
Tuesday Morning 4Q sales drop 10.4%
DALLAS Tuesday Morning reported net sales for the fourth quarter ended June 30 were $196.5 million compared to $219.4 million for the quarter ended June 30, 2007, a decrease of 10.4%.
Comparable-store sales for the quarter ended June 30 decreased by 12.7% comprised of an 11% decrease in traffic and a 1.8% decrease in average ticket.
Based on the fourth quarter sales results, the company currently expects diluted earnings per share for the fourth quarter to be in the range of (5 cents) to (8 cents) compared to 5 cents for the same period last year.