Supervalu, Jennifer Convertibles Post Results
Minneapolis, Supervalu Inc. reported net earnings of $64.9 million in its third quarter ended Dec. 4, up one-third year-over-year. The improvement came despite a 2.1% dip in net sales to $4.6 billion. For Supervalu’s retail food segment, same-store sales slipped 0.4% in the quarter.
In other earnings news, Jennifer Convertibles Inc. posted a net loss of $2.5 million, compared with a $1.7 million loss in the previous year. Revenues for the quarter were down 6.1% to $31.7 million, weighted down by a 7.5% decrease in same-store sales. Jennifer Convertibles attributed the weak showing to deflationary pressures in the furniture industry caused by a supply shift to China.
Tesco Places Big Order of RFID Readers
New York City, United Kingdom supermarket giant Tesco ordered 4,000 EPC-enabled RFID readers, the largest order of its kind to date. The move follows the completion of a pilot test of the chain’s Radio Barcode and Secure Supply Chain initiative. The first phase of the contract with Boca Raton, Fla.-based ADT calls fro 4,000 readers and 16,000 antennae by fall of 2005 for the dock doors and merchandise receipt points at some 1,200 Tesco stores and 35 distribution centers.
RedEnvelope Names COO, Marketing VP
San Francisco, Gift e-retailer RedEnvelope Inc. has promoted Ed Schmults to COO. He was formerly senior VP of operations. He has been with the company since May 2004.
RedEnvelope also named Gary Korotzer to the post of VP of marketing. He joins RedEnvelope from Charles Schwab and Co., where he most recently served as senior VP of mass affluent marketing.