JACKSONVILLE, Fla. — Stein Mart shareholders have re-elected the following people to the company’s board of directors:
Jay Stein, Ralph Alexander, Alvin R. Carpenter, Irwin Cohen, Susan Falk, Linda M. Farthing, Mitchell W. Legler, Robert L. Mettler, Richard L. Sisisky, Martin E. Stein, Jr. and John H. Williams, Jr. Eachwillserveoneyearterms
Net income for the first quarter was $11.8 million or $0.27 per diluted share compared to net income of $15.9 million or $0.35 per diluted share in 2011. Net income as adjusted for the first quarter of 2011 was $14.7 million or $0.32 per diluted share. See discussion of other income below for explanation of "as adjusted" amounts for 2011.
Sales for the first quarter of 2012 of $303.4 million were flat to last year’s first quarter sales of $303.5 million. Comparable store sales decreased 0.4 percent. Beginning in the fourth quarter last year, the Company began reducing coupons to return to an every-day price value model. Approximately 22 percent of first quarter 2012 sales were associated with coupons compared to 33 percent in the first quarter of 2011. The reduction in sales with coupons was predominantly on regular-price merchandise, which was 43 percent lower in the first quarter of 2012 compared to the first quarter of 2011.
Supervalu expands private-label offering
MINNEAPOLIS — Supervalu’s Essential Everyday private-label line will include 2,700 products across more than 100 categories by 2013.
Essential Everyday products, which are available at approximately 3,300 stores nationwide — including Supervalu’s family of stores — currently features more than 1,200 items across more than 40 categories. The expanded Essential Everyday brand lineup was introduced in New York last week by chef and cookbook author Antonia Lofaso.
"We’ve been very pleased with customers’ initial response to Essential Everyday. Consumers continue to look for products that exceed their expectations in the areas of affordable value. Our Essential Everyday brand does just that," Supervalu VP private brands Sam Mayberry said. "In addition to providing high-quality products at a great value, we’re focused on building customer loyalty for Essential Everyday and our other private brands by continuously innovating and bringing fresh ideas to our brand lineups."
The Essential Everyday portfolio includes three tiers of brands: premium, national-brand equivalent and value brands. The company’s private brands account for about $6 billion in annual sales.
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TrueConnect launches exclusive mobile broadband service at Walmart
LOSANGELES — TruConnect Mobile LLC has launched a new prepaid mobile broadband service called Internet on the Go, exclusively at Walmart.
The new offering features a service plan from TruConnect with no monthly fee and where the data balance never expires (if used once a year). This is different from other low-cost prepaid monthly services where unused megabytes are wasted at the end of the month – potentially driving up the cost.
“In today’s world of high connectivity, we want to make connecting to the Internet more accessible and affordable for our customers,” said Seong Ohm, SVP and general merchandise manager for entertainment, Walmart U.S. “By providing an assortment of mobile broadband products at a low price, our customers can now choose to connect to the Internet when they want, where they want.”
To get Internet on the Go, customers purchase a MiFi 2200 Intelligent Mobile Hotspot by Novatel Wireless, Inc., purchase the Internet on the Go service, register online and turn on the device.