Safeway Q1 profit up
Pleasanton, Calif. — Safeway Inc. on Thursday said it earned $118.9 million, in the first quarter ended March 23, up from $72.9 million a year earlier, helped by tax benefits. The company maintained its forecast for the year.
Net sales inched down to $9.99 billion, from $10 billion a year ago, as the company sold its Genuardi’s division. Same-store sales rose 1.5%.
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Best Buy CEO compensation for five months on job put at $19.6 million
New York — The CEO of Best Buy, Hubert Joly, earned compensation worth $19.6 million in his five months on the job in 2012, the Associated Press reported.
Joly, a turnaround expert, took the reins of the chain in September. Former CEO Brian Dunn left in April when a board investigation found that Dunn violated company policy by having a "close personal relationship" with a female staffer. Board member Mike Mikan, one of Best Buy’s board members, served as temporary CEO before Joly was hired.
Joly, 53, received a base salary of about $490,000 and a $3.5 million bonus for the year ended Feb. 2, 2013. The bulk of his pay came from stock and option awards valued at $15.6 million on the date that they were granted.
In the fiscal year ended Feb. 2, Best Buy’s loss narrowed to $249 million from $1.32 billion the year before. Revenue inched down less than 1%, to $49.62 billion.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
Companies that do obscene actions like this DESERVE to go CH XI or better yet Ch7
At Home on Hilton Head Island
Residents of tony Hilton Head Island, S.C., are getting the one thing they don’t currently have: a Kroger Marketplace, situated in the sprawling 42-acre mixed-use project under development by Kroger Real Estate and Blanchard & Calhoun Commercial.
(Click here to see photos)
The joint-venture partners broke ground on the $74-million, three-phase project in April; upon completion, phase one will include the redevelopment of an existing shopping mall into an upscale walking village with 290,000 sq. ft. of retail, restaurant space and, of course, the first Kroger Marketplace on Hilton Head Island.
The second phase will incorporate a five-acre park that connects with an existing 12-mile trail system. Phase three will add 210 waterfront apartments.
Co-anchoring the development is Belk department store, which has remained open during the redevelopment, along with co-tenants GNC, Regis Salons, and Jos. A. Bank. The partnership is in talks with retailers, restaurants and service tenants to join the current lineup of offerings.
The new Kroger is generating a flurry of press – at 87,588 sq. ft., it will be the largest grocery store on Hilton Head Island, and one of the biggest in the state. Some of its amenities and services include a Starbucks coffee kiosk, full-service Murray’s cheese shop, bistro with indoor and outdoor seating, an outdoor seasonal selling area and bike repair stations on the sidewalk.
“Kroger is particularly excited about coming to Hilton Head Island,” said Mike Schlotman, CFO, Kroger Co. “Primarily because we see so much opportunity.”
Schlotman cited the millions of dollars being spent on renovations and improvements on Hilton Head Island, including Westin hotel’s $30 million renovation, Omni’s $20 million redo and Sonesta’s upcoming $30 million injection in its property. “This represents a significant investment in this thriving community,” Schlotman said.
“We see opportunity to anchor a project that will set the pace for high-quality development for the future of this beautiful island.”
The partnership between Kroger and co-developer Blanchard & Calhoun Commercial has proved powerful. According to Matt Mills, senior VP, Blanchard & Calhoun, teaming with Kroger will allow Shelter Cove Towne Centre to “impact the Island at a level it has never experienced before. As we began working with the community, the town leaders and the development team that will bring this center to life, we saw the chance to create something very special for Hilton Head Island,” said Mills.
Described as a true lifestyle center, Shelter Cove Towne Center will feature an “Island vibe” with daily services, upscale boutiques, notable restaurants and high-quality merchants.
A waterfront public park will serve as a gathering place for townspeople and tourists, offering walking trails, event space and expansive views of Broad Creek.
“The Shelter Cove Towne Centre will be a center for this community,” said Mills. “It will represent and complement our Island well.”
For leasing information, contact: Chris Senn at 706-284-6347, or [email protected].
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