FINANCE

Supervalu reports Q2 loss

BY Marianne Wilson

Minneapolis — Supervalu Inc. on Thursday reported a loss of $111 for its second quarter, compared with net income of $60 million in the year-earlier quarter.

Revenue fell 4.6% to $8.04 billion in the quarter ended Sept. 8, from $8.43 billion in the year-earlier quarter. The decrease in net sales was blamed on both a decline in identical store sales and the sale of a majority of the company’s gas stations, which had contributed $158 million in revenue in the second quarter last year.

“We have accomplished a number of important steps since I became president and chief executive officer mid-way through the second quarter, including the successful refinancing of our credit facility, restructuring our executive leadership team, and announcing the closure of 60 stores,” said Wayne Sales, president, CEO, and chairman, Supervalu. “Our team is aggressively focused on four key strategic imperatives necessary to improve our business: driving profitable retail sales, growing Save-A-Lot, building our network of successful independent retailers, and reducing costs.

The company also announced Thursday that Leon Bergmann is leaving and will be succeeded as president of independent business by Janel Haugarth, effective immediately. Haugarth will continue to lead Supervalu’s business optimization efforts.

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Toys’R’Us extends layaway through December

BY CSA STAFF

WAYNE, N.J. — Toys"R"Us has extended its free layaway program through Dec. 16. The program, announced in September, was originally slated to end on Oct. 31.

In addition, the retailer announced that it pay it forward every time someone offers to pay off the balance of a layaway offer for someone in their community. For each layaway balance paid off as an act of kindness, the company will donate $200 worth of toys – the approximate average value of a layaway order created at Toys"R"Us – to the Marine Toys for Tots Foundation, up to $1 million worth of toys.

"Since we introduced our new free layaway offer in early September, we’ve seen a fantastic response from parents and gift-givers who value the opportunity to pay for their holiday purchases over time, without having to incur an upfront fee. We’re pleased to extend this offer for those customers who may not have started their Christmas shopping yet, but would like the flexibility of paying for their purchases incrementally now through mid-December," said Troy Rice, EVP stores and services for Toys"R"Us, U.S. "At the same time, we’re excited to expand upon our ongoing commitment to Toys for Tots, by paying it forward each time a generous benefactor visits one of our stores and pays off the layaway balance of someone in their local community this holiday season. Now, through these inspiring acts of Giving Back, more children in need will have gifts to open on Christmas morning."

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eBay delivers strong revenues in Q3

BY CSA STAFF

SAN JOSE, Calif. — Revenue at eBay rose 15% to $3.4 billion for the third quarter ended Sept. 20 from the the same period last year. The company reported third quarter net income on a GAAP basis of $597 million, or 45 cents per diluted share, and non-GAAP net income of $718 million, or 55 cents per diluted share. GAAP and non-GAAP net income were up 22% and 14%, respectively, year over year due primarily to strong top-line growth.

"We had a great third quarter across our company, with Marketplaces and PayPal accelerating customer growth," said John Donahoe, eBay Inc. President and CEO. "Mobile continues to be a game changer for us, and we continue to be a clear leader in mobile commerce and payments. With our strong portfolio and global reach, we are consistently demonstrating our capabilities to help consumers shop anytime, anywhere. And we are enabling retailers of all sizes to compete in a rapidly evolving, multichannel commerce environment."

eBay’s PayPal segment continues to be a key revenue driver for the company. The division ended the quarter with 117.4 million active registered accounts, a 14% increase over the third quarter of 2011. Revenue increased 23% year over year and net total payment volume grew 20% year over year to $35.2 billion.

Marketplaces delivered another strong quarter with accelerating user growth. Gross merchandise volume, excluding vehicles, increased 11% year over year to $16 billion in the third quarter of 2012. Marketplaces revenue increased 9% year over year, driven by strong growth in the United States and Asia Pacific. Active user growth continued to accelerate during the quarter, reaching 10% year over year, the fastest growth since 2007, with 800,000 new users coming from mobile. This helped boost sold items growth, which was up 19% year over year in the third quarter of 2012. U.S. GMV, excluding vehicles, increased 16% year over year, while international GMV, excluding vehicles, increased 8% year over year, in both cases driven by investment in the customer experience, growth of mobile as a channel and continued strong performance in key verticals.

For the fourth quarter 2012, eBay expects net revenues in the range of $3.85 billion to $4 billion with GAAP earnings per diluted share in the range of 55 cents to 58 cents and non-GAAP earnings per diluted share in the range of 66 cents to 69 cents .

For the full year 2012, eBay now expects net revenues in the range of $13.9 billion to $14.1 billion with GAAP earnings per diluted share in the range of $1.95 to $1.99 and non-GAAP earnings per diluted share in the range of $2.32 to $2.35.

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