Storms Hit Albertson’s Profit
Boise, Idaho, Albertson’s Inc., which put itself up for sale in September, said quarterly profit fell 30%, missing Wall Street’s expectations, as higher costs from hurricanes and continuing pressure from Wal-Mart and other discounters weighed on results.
Earnings in the third quarter that ended on Nov. 3 fell to $77 million, or 21? per share, from $107 million, or 29? a share, a year earlier. Sales fell slightly to $9.95 billion from $9.974 billion. Same-store sales were down 0.5%.
The company said it was still on track to meet its goal of cutting costs by $1.25 billion by the end of the next fiscal year.
Jo-Ann Stores Splits Exec Roles
Hudson, Ohio, Jo-Ann Stores split the role of chairman and CEO within its organizational hierarchy. The company said the change would allow it to accelerate its ongoing strategic transformation while bringing sharper focus to the execution of the strategy and the management of day-to-day operations.
Under the new structure, Alan Rosskamm, currently chairman, president and CEO, will serve as executive chairman with primary responsibility for the strategic direction, vision and culture of the company. An immediate nationwide search will be launched to fill the new position of president and CEO.
RadioShack and Wal-Mart Lead Wireless Retail Pack
Port Washington, N.Y., According to a new report from The NPD Group, consumer satisfaction with the wireless retail shopping experience is low across the board, with only 24% of recent mobile-phone purchasers stating that they had an excellent or good experience. While NPD’s survey confirms that the vast majority of mobile phone and service purchases are made at carrier-owned stores, consumers who purchased from other types of stores, including mass merchants and electronics retailers, reported higher levels of satisfaction. RadioShack and Wal-Mart were the top two retailers in terms of overall shopping experience, and also ranked high in other metrics including helpful sales staff, variety and selection of wireless products, and store layout.