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Safeway Doubles PowerPump Gas Rewards on Gift Cards

BY CSA STAFF

Pleasanton, Calif.. Safeway Inc. has doubled its PowerPump Gas Rewards for gift cards purchased at Safeway stores. The program, which began on Friday, is aimed to provide customers with savings during the holiday season.

The program allows shoppers to buy gift cards to earn double gas rewards and then use the cards to purchase holiday presents at shopping centers and department stores.

PowerPump is available in all Safeway U.S. markets including its Vons, Pavilions, Randalls, Tom Thumb, Carrs, Genuardi’s and Dominick’s banners.

Customers outside of the vicinity of a Safeway fuel station will receive double gas rewards to use at a BP or ARCO station through the end of the year.

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CVS Caremark 3Q earnings up 18.8%

BY CSA STAFF

WOONSOCKET, R.I. CVS Caremark announced that net revenues for the third quarter ended Sept. 27, increased $368.2 million to $20.9 billion, up from $20.5 billion during the third quarter ended Sept. 29, 2007.

Revenues in the retail drug store segment increased 5.3% to $11.5 billion in the third quarter, while same-store sales in the Companys CVS/pharmacy division for the third quarter rose 3.7% over the prior year period.

 

Earnings from continuing operations for the third quarter increased 18.8% to $818.8 million compared with earnings from continuing operations of $689.5 million in the comparable 2007 period.

Tom Ryan, chairman, president and ceo of CVS Caremark said, “Im pleased to report strong third quarter results, which were right in line with our expectations despite the uncertain economic environment.”

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OfficeMax delays 3Q earnings release

BY CSA STAFF

NAPERVILLE, Ill. OfficeMax announced that it has delayed the release of its full 2008 third quarter earnings results so that the company can complete its analysis of the non-cash impairment charge caused by the bankruptcy of Lehman Brothers Holdings. OfficeMax continues to expect no adverse impact on its operations or liquidity as a result of the Lehman bankruptcy based on additional review completed since issuing its Sept. 19 press release.

Total sales in the third quarter of 2008 decreased approximately 9.5% to approximately $2.1 billion compared to the third quarter of 2007.

OfficeMax retail segment sales were approximately $1.05 billion in the third quarter of 2008, reflecting a same-store sales decrease of about 11.1% partly offset by sales from new stores. Retail same-store sales for the third quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending. Retail segment operating income for the third quarter of 2008 was approximately $29.1 million, or about 2.8% of sales, compared to operating income of $45.3 million, or 4.0% of sales, in the third quarter of 2007.

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