Report: Supervalu seeking buyers for entire company
New York — Advisors to Supervalu Inc. are asking potential buyers to bid for the entire operation, even as several suitors have inquired about individual parts of the U.S. grocery company, according to a report by Bloomberg News.
In July, Supervalu said it was looking at options for overhauling the company, including a sale. The chain hired Goldman Sachs Group Inc. and Greenhill & Co as advisors.
Former Target exec named merchandising SVP at Family Dollar
MATTHEWS, N.C. — Family Dollar Stores has named Holly Shaskey-Platek to the position of SVP merchandising. She will lead the home, apparel and seasonal divisions and report to Paul White, EVP, chief merchandising officer.
“Capitalizing on a greater share of customers’ discretional needs is critical to our ability to increase the sales productivity of our stores and to grow our market share,” said White. “Under Holly’s leadership, we will continue to focus on assortment, merchandise presentation and promotion, supplier relationships, and business capabilities.”
Prior to joining Family Dollar in 2008 as a consultant to provide company-wide change management leadership, Holly spent a total of 25 years with Target Corp. and ShopNBC where she led men’s apparel and private brand development teams and implemented an assortment-planning tool to support expanded clustering capability.
To read more about the latest personnel move and merchandising initiatives at Familty Dollar, click here.
Hancock Fabrics cuts loss, improves sales in Q2
BALDWYN, Miss. — Hancock Fabrics reported that net sales for the second quarter increased 5% to $60.5 million from $57.8 million for second quarter of last year, and comparable-store sales improved by 5%.
Earnings per share increased by 3 cents, or $0.6 million with a net loss of $3.3 million, or 17 cents per basic share, in the second quarter of fiscal 2012 compared to a net loss of $3.9 million, or 20 cents per basic share in the second quarter of fiscal 2011.
Net sales for the first half of 2012 increased by $4.6 million to $124.4 million compared to $119.8 million in the first half of last year, and comparable-store sales improved by 4.3%.
Net loss was $5.7 million, or 29 cents per basic share, in the first half of fiscal 2012, compared with a net loss of $6.1 million, or 31 cents per basic share in the first half of fiscal 2011.
Steve Morgan, president and CEO commented, “The second quarter numbers are encouraging and in line with our expectations based on the initiatives we have been putting into place for this past year. We are about to complete our 10th consecutive month of positive comparable store sales. Along with the approximately $4 million of expense cuts we initiated in April, and in spite of the increasingly promotional nature of our business, we continue to feel confident in our direction for the balance of the year.”
During the quarter, the company relocated three stores for a total of five stores relocated in the first half of 2012, ending the quarter with 263 stores. The company currently operates 263 retail stores in 37 states and an Internet store at www.hancockfabrics.com.