FINANCE

Report: Best Buy to open 40 mobile-phone stores

BY CSA STAFF

Minneapolis Best Buy Co. aims to open 40 standalone mobile-phone stores in fiscal 2009, according to the Wall Street Journal.

Brian Dunn, who formally took over as chief executive from retiring Brad Anderson on Wednesday, said the company believes it can quintuple its share of the U.S. mobile-phone market to 15%, the report said. He did not say when the company expects to achieve the goal.

Shoppers are responding well to the chains’ new Best Buy Mobile displays, which showcase mobile-phone brands in one central location, Dunn said.

Earlier this year, company executives had said they hoped to capture 10% of the U.S. market within a few years; the company now has about 3%. Best Buy’s European partner, Carphone Warehouse, reportedly has an 11% share in Europe.

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Target.com to sell Glory for Girls beauty products

BY CSA STAFF

DEL MAR, Calif. Target.com will begin selling Glory for Girls eco-friendly beauty products this July.

All of the Glory for Girls products are free of known potentially harmful ingredients, such as artificial colors or fragrances, petrochemicals, parabens, sulfates, phthalates and hormone disruptors. The 100% vegan formulas are clinically and allergy tested, biodegradable, and the packaging is made of recyclable plastics. All are made in the USA.

“We’re excited about this launch on Target.com,” said Sara Stensaas, beauty buyer for Target.com. “It’s a great concept and they’re great products.”

The complete Glory for Girls line includes face and body washes, lotion, deodorant, lip balms and clarifying products retailing from $7 to $22. The line will be featured in four categories on the Target.com Web site (Natural/Organic, Skincare, Personal Care for Girls and New Arrivals).

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Supervalu expects earnings to fall below guidance

BY CSA STAFF

MINNEAPOLIS Supervalu announced that identical-store sales and net earnings for its first quarter ending June 20 were impacted by a tougher than expected business environment, investments in price and higher levels of promotional spending. As a result, the company will be substantially below First Call consensus earnings for the quarter.

Commenting on the first quarter, CEO Craig Herkert stated, “Since providing guidance on our fourth quarter earnings call, consumers have become more value focused and cautious in their spending which has pressured sales and margins greater than anticipated. We currently estimate our identical-store sales will be approximately negative 3%. We will update annual guidance on July 28 with our first quarter earnings release.” Herkert added, “I am engaged in a full review of our operations and support functions. Supervalu has significant potential and I look forward to sharing with you my thoughts and vision for the business in the months ahead.”

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