Walgreen Boosts Quarterly Earnings
Deerfield, Ill., Walgreen Co. posted a net earnings gain of 5.2% to $345.6 million in its first quarter ended Nov. 30. Sales for the quarter rose 10.2% to $10.9 billion, supported by same-store sales growth of 7.7%.
Smart & Final Expands in California
Los Angeles, Smart & Final Inc. opened three new California stores in Modesto, Torrance and Gilroy. These new stores bring the total number of stores operated by the company to 249. Year to date, the company has opened 15 new stores and relocated two stores. The average size of the three new stores is about 19,350 sq. ft. The Los Angeles-based retailer of food and food service-supplies operates in six states and northern Mexico.
Wal-Mart Estimates 2.2% Comps in December
Bentonville, Ark., Wal-Mart Stores’ latest estimate for December comparable-store sales is 2.2%—at the low end of its original estimate of 2% to 4% gain. The company said strong demand for gift cards would have the effect of pushing many sales from December into January, when gift card recipients redeem their cards for merchandise. Many analysts were expecting sales closer to 3%.