FINANCE

Walmart acquires tech startup Yumprint

BY Marianne Wilson

San Bruno, Calif. — WalmartLabs, Walmart’s online and digital development division, has acquired Seattle-based recipe technology startup Yumprint to expand its online grocery delivery services.

Yumprint has a website and mobile app to search and discover new recipes from thousands of food blogs, plan meals and calculate nutritional information.

In a blog post, WalmartLabs credited Yumprint founders Chris Crittenden and Wes Dyer for their vision on how technology can improve how “all of consumers discover and prepare our meals.”

“Chris and Wes’s ideas and ambitions for transforming the grocery shopping experience match the global opportunity Walmart enjoys in this space, and their accomplishments with Yumprint just scratch the surface of what we’re going to do next together,” wrote Ben Galbraith, VP of global products, WalmartLabs, in the post continued.

"Bringing Yumprint into the Walmart family will help customers more easily make shopping lists from their recipe finds before they shop," the retailer said in a news release.

WalmartLabs has made several acquisitions over the past year, including Bay Area startups OneOps and Tasty Labs. The retailer recently also opened a new e-commerce tech center in Sunnyvale.

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E.Wendell says:
Mar-05-2014 11:36 am

I think their presence Chris
I think their presence Chris and Wes’s in the walmart solution development team will help them to improve their eCommerce services significantly.

E.Wendell says:
Mar-05-2014 11:36 am

I think their presence Chris and Wes’s in the walmart solution development team will help them to improve their eCommerce services significantly.

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FINANCE

Kohl’s Q4 profit disappoints

BY Dan Berthiaume

Menomonee Falls, Wis. – Kohl’s Corp.’s reported disappointing fourth-quarter results amid markdowns during the holiday period and increased shipping costs for its e-commerce business.

The chain posted a profit of $334 million for the quarter ended Feb. 1, down from $378 million a year earlier. Total sales dropped 3.8% to about $6.1 billion from $6.34 billion. Same-store sales were down 2%. Kohl’s cited the impact of the 53rd week in fiscal 2012 as a driver of its declines.

According to Kohl’s, the extra week accounted for an additional $169 million in total sales and $15 million in net earnings that were not obtained in the 52-week fiscal 2013.

“We were pleased with our sales during the November and December holiday season as the customer responded favorably to our merchandise and values,” said Kevin Mansell, chairman, president and CEO of Kohl’s. “Despite increased shipping costs related to our e-commerce business, we were able to achieve our gross margin guidance for the quarter. We believe our inventory levels and assortment are well-positioned as we transition into the spring season."

For the full year, net income declined 10% to $889 million from $986 million a year-ago. Total sales dropped 1.3% to $19 billion from $19.2 billion during the year. Same-store sales fell 1.2%.

For fiscal 2014, Kohl’s expects total sales increases of 0.5 to 2.5% ad same-store sales increases of 0 to 2%.

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REAL ESTATE

Sony closing 20 U.S. stores

BY Staff Writer

San Diego — As part of a restructuring, Sony Electronics announced plans to close 20 U.S. Sony stores, along with a total staff reduction of one-third by the end of the calendar year.

"While these moves were extremely tough, they were absolutely necessary to position us in the best possible place for future growth," said Mike Fasulo, President and COO of Sony Electronics. "I am entirely confident in our ability to turn the business around, in achieving our preferred future, and continue building on our flawless commitment to customer loyalty through the complete entertainment experience only Sony can offer."

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