Supervalu Posts Loss Due to Impairment Charges
Minneapolis Supervalu Inc. posted a quarterly net loss of nearly $3 billion on Wednesday due to asset-impairment charges, but earnings before one-time items were slightly above Wall Street expectations.
The company also lowered its 2009 earnings forecast.
The owner of the Albertsons, Jewel-Osco, Shaw’s and Save-A-Lot chains posted a loss of $2.94 billion for the fiscal third quarter ended Nov. 29, compared with a profit of $141 million a year earlier. The loss included non-cash impairment charges of $3.3 billion as the company wrote down the value of some assets.
Net sales edged down to $10.17 billion from $10.21 billion a year earlier. Retail food net sales were flat at $7.9 billion.
MacDowell named president of Charming Outlets
BENSALEM, Pa. Charming Shoppes has announced that MaryEllen MacDowell has been appointed president of Charming Outlets, effective immediately. She succeeds Jeffrey Elliott, who has left the company to pursue another career opportunity.
MacDowell will have leadership responsibility for the company’s Lane Bryant Outlet and Petite Sophisticate Outlet retail chains, and will report to Joseph Baron, EVP and COO of Charming Shoppes.
MacDowell has served as SVP and general merchandise manager of apparel and accessories at the company’s Lane Bryant brand since 2007. From 2002 to 2007, she was the VP and divisional merchandise manager for plus sportswear, dresses, and swimwear for the company’s Fashion Bug brand.
Best Buy to sell ‘refreshed’ iPhone 3Gs
MINNEAPOLIS Best Buy announced that it is the first retailer to offer refreshed Apple iPhone 3Gs at store locations nationwide.
The Refreshed iPhone 3G is available at 350 Best Buy Mobile stores at $149 for the 8GB model and $249 for the 16G model, both require a two-year service contract. New iPhone 3Gs currently retail for $199 (8G) and $299 (16G) at Best Buy Mobile.
“The refreshed iPhone is a great example of the depth of our offering, and clear evidence of why Best Buy is the best place to purchase a mobile phone,” said Scott Moore, VP of marketing for Best Buy Mobile. “Where else can you get everything you need to make sure your phone can be utilized to its fullest.”
Best Buy said the refreshed iPhones will expand to all U.S. Best Buy stores that offer AT&T by the end of January.