Wal-Mart Commits to Renewable Wind Power
Bentonville, Ark. Wal-Mart Stores said Thursday that it will make its first substantial purchase of wind energy to power operations in Texas.
The renewable energy, which will come from a Duke Energy wind farm under construction in Notrees, Texas, will supply up to 15% of the retailer’s total energy load for approximately 360 Texas stores and other Wal-Mart facilities. The wind farm will begin producing electricity for the chain by April 2009.
“We’re purchasing renewable power at traditional energy rates,” said Kim Saylors-Laster, VP of energy for Wal-Mart. “The wind-power purchase will result in a significant decrease of greenhouse-gas emissions and aligns perfectly with Wal-Mart’s long-term goal of being supplied by 100% renewable energy.”
The project will provide roughly 226 million kilowatt-hours (kwh) of renewable power each year. This is the energy equivalent of washing 108 million loads of laundry, a company statement reported.
By purchasing this renewable energy, Wal-Mart will avoid producing more than 139,000 metric tons of carbon dioxide (CO2) emissions per year. This is equal to taking approximately 25,000 cars off the road or eliminating the CO2 produced by 18,000 homes annually, the statement said.
Walmart to partner with Feeding America
BENTONVILLE, Ark. Walmart announced that its supercenters and Neighborhood Markets will partner with Feeding America, the nation’s largest charitable hunger-relief organization, to provide an estimated 90 million pounds of food annually — the equivalent of 70 million meals — to families in need by the end of 2009.
In addition, the Wal-Mart Foundation announced a $2.5 million cash donation to Feeding America. These funds will be used to help Feeding America food banks improve warehouse capacity and purchase 20 new refrigerated trucks to safely transport food from Walmart stores to food pantries, soup kitchens and other Feeding America agencies.
“We are pleased to partner with Feeding America during a time of nearly unprecedented need and provide nutritious meals for their families,” said Bill Simon, evp and coo of Walmart U.S. “Given the current state of the economy and the increased burden on neighborhood food pantries and soup kitchens, we are enlisting our entire network of stores and clubs to participate in this food donation program to provide relief to communities throughout the country.”
Despite 3Q growth, Ross cautious on 4Q outlook
PLEASANTON, Calif. Ross Stores reported that earnings per share for the third quarter increased 22% to 44 cents, from 36 cents for the same period last year. Net earnings for the third quarter were $57.3 million, up from $48.7 million for the third quarter last year. Fiscal 2008 third quarter sales increased 6% to $1.555 billion, with comparable-store sales even with the prior year period.
Michael Balmuth, vice chairman, president and ceo, commented, “We are pleased with our solid third quarter earnings growth, especially considering the very challenging macro-economic and retail environment. The ongoing resilience and flexibility of our off-price business model enabled us to respond to these external pressures by further reducing both inventories and expenses. These actions, along with better-than-expected shortage results from our annual physical inventory during the quarter, enabled us to protect profit margins and deliver earnings per share at the high end of our original guidance.”
Ross said it now expects fourth quarter comparable-store sales to decline 1% to 3% and earnings per share to be in the range of 69 cents to 75 cents, compared to 70 cents in the 2007 fourth quarter.