Supervalu Q1 net income up 10%, results top estimates
Minneapolis — Supervalu reported Tuesday that earnings for the first quarter rose 10% to $74 million, compared with $67 million in the year-ago period. The grocer cited effective cost-cutting for the strong performance, which topped Wall Street expectations.
The operator of Albertsons and Jewel-Osco supermarkets saw revenue fall 4% to $11.11 billion, just missing analysts’ expectations of $11.13 billion. Same-store sales dropped 3.9%.
Results were helped by "new planning tools, analytics and a hyper local focus," CEO Craig Herkert said in a statement.
Walmart.com uses Vudu to offer video streaming
Santa Clara, Calif. — Wal-Mart Stores said Tuesday that it is leveraging last year’s acquisition of video-streaming service Vudu to launch digital online movie rental and streaming on Walmart.com.
On Tuesday the retailer started offering 20,000 titles that can be viewed on almost any device with Internet access, from PCs to televisions to Sony’s PlayStation3 and other Blu-Ray disc players.
This is Wal-Mart’s second try at competing with Netflix, as it previously offered a DVD-by-mail service but it stopped that service in February 2010.
"At Walmart, one of our key priorities is to provide a continuous channel for our customers, from our stores to our powerful e-commerce and social media platforms," said Steve Nave, senior VP and general manager, Walmart.com.
NPD names home improvement director
PORT WASHINGTON, N.Y. — The NPD Group Inc. has named Kevin Gilbert as director of home improvement, reporting to Perry James, the president of home and office supplies.
Prior to joining NPD, Gilbert was VP client solutions at SymphonyIRI, where he managed the Diageo and Kraft accounts. In addition to his role at SymphonyIRI, Gilbert spent many years in the packaged goods industry in category management, sales development, and trade planning roles, working with such companies as Kellogg, Bayer, and Pinnacle Foods.
In his new role, Gilbert’s key focus will be to develop and launch a new point-of-sale (POS) service for the home improvement business.
“Kevin’s strong syndicated marketing research and point-of-sale background will certainly make our focus on a new home improvement POS service a reality,” said James. “Our home improvement team looks forward to working with Kevin as we continue to build the business.”