Safeway increases stock buyback by $2 billion
Pleasanton, Calif. – The board of directors of Safeway Inc. has increased the authorized level of the company’s stock repurchase program by $2 billion. Through the end of the third quarter of 2013, Safeway had approximately $800 million remaining under its previously authorized stock repurchase program.
Safeway’s stock repurchase authorization does not have an expiration date, and the timing of repurchases will depend on market conditions. Stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. The stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.
Safeway recently reported weaker-than-expected quarterly earnings but beat forecasts for quarterly sales and also said it would exit the Chicago market.
This Is Retail: OpenSky CEO John Caplan
Open Sky CEO John Caplan and his team at the social-based e-commerce platform are reinventing retail and what a career in the industry looks like in the digital age.
Caplan and members of his senior leadership team shared their views on the Open Sky model, the changing consumer and what it means to work in retail recently as part of the National Retail Federation’s This Is Retail initiative. NRF launch the program to highlight the industry’s opportunities for life-long careers, showcase how retailers strengthen communities and the role the industry plays in driving innovation. Click here for Caplan’s perspective.
Sainsbury to open first dedicated online DC
Leading U.K. food retailer Sainsbury just past online grocery sales of £1 billion ($1.6 billionU.S.)and to celebrate the occasion announced plans to open its first dedicated online fulfillment center in east London.
Home delivery of grocery is more commonplace in the U.K., especially London, where higher population densities and prohibitively high fuel prices discourage vehicle ownership.
The retailer said the 185,000-sq.-ft. facility located in the eastern London community of Bromley-By-Bow would allow it to serve 20,000 morecustomers each week in addition to its existing base of 190,000 customers.
"The site will be purpose built with the Sainsbury’s customer in mind and will support our existing store based operation, something that will continue to be the foundation of our online grocery business,” said Jon Rudoe, Sainsbury’s director of online, digital and cross-channel.
The company began home delivery of groceries in 1999 and currently relies on its network of 214 stores which cover 96% of U.K. postal codes to fulfill orders. The company said its delivery drivers traveled 43 million miles last year and delivered 10.5 million products every week.