Supervalu selling 107 fuel centers
Eden Prairie, Minn. — Supervalu announced the sale of 107 fuel centers located in the Midwest, Intermountain West and West Coast regions following the acceptance of four separate bids to purchase the centers. The transactions include the majority of fuel centers within the Albertsons, Cub Foods, Hornbacher’s and Jewel-Osco banners.
The company said the purchases, expected to be finalized this fall, will allow it to monetize non-core assets, creating capital that the company can use to further strengthen its business. The transactions also include partnership opportunities that will result in Supervalu continuing to have the ability to offer fuel rewards programs to its customers through these existing fuel centers, and in most markets, through an expanded network of fuel centers.
PriceSmart same-store sales up; opens 29th club
San Diego — PriceSmart’s same-store sales rose 17.7% in August. Total revenue for the five weeks ended Sept. 4 climbed 21.5% to $148.3 million.
PriceSmart also announced that on August 19, 2011 opened its first warehouse club in Colombia. This warehouse club, located in Barranquilla, brings to 29 the total number of warehouse clubs in operation by the company.
PriceSmart, based in San Diego, had 29 warehouse clubs at August’s end. The company runs membership warehouse clubs in Central America and the Caribbean.
Men’s Wearhouse Q2 profit up 33%, looks to open 110 stores in next five years
Houston — Increased sales across its brands helped drive The Men’s Wearhouse’s second-quarter net income up nearly 33%, beating estimates.
The retailer earned $57.1 million for the fiscal quarter that ended July 30, up from $43 million in the same quarter last year.
Revenue increased 22% to $655.5 million. Men’s Wearhouse said its purchase in 2010 of two British uniform and work-wear companies helped drive business.
On its quarterly conference call, the company said that, in light of its positive results over the past two years, it has reassessed its domestic store penetration and now believes an expansion of its traditional Men’s Wearhouse store base by approximately 18% from 591 stores to 700 stores is appropriate during the next 5 years.
The company also said its big and tall business is up 20% year-to-year, growing significantly faster than its regular size business, which is up 12%.
On the same call, Men’s Wearhouse said its Web sales are up 127% year-to-date, and that it is continuing to make significant investments in both systems and people to position itself for even more meaningful growth in the channel.