All articles by Planet Retail – Page 74
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News
Colruyt Group increases revenue by 7.1%
Grocer Colruyt Group increased revenue by 7.1% to €3.32bn (£2.95bn) in the first six months of its 2009-10 financial year.Operating profit climbed 7.8% to €229m (£204m), resulting in a stable EBIT margin.Profit margins were affected by increased labour costs resulting from wage inflation.The Colruyt fascia achieved revenue growth of 6.6%, ...
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Revenue at pharmacy operator Nepstar declines 9.3%
Revenue at pharmacy operator Nepstar declined 9.3% in the third quarter to Yn556m (£495m), while net income remained stable at Yn7m (£33m).Nepstar chief finance officer William Dai said: “Our ability to consistently generate strong free cash flow demonstrates that our financial health has strengthened throughout the economic recovery and paves ...
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Delhaize Group reveals plans to cut operating costs by €300m
Delhaize Group has revealed plans to cut operating costs by €300m (£267m) by 2012 and intends to introduce a more price competitive strategy from 2010 across all its fascias.The Belgium-based group intends to cut operating costs through fascia-specific initiatives and by increasing shared services across the group.Delhaize is also ...
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Metcash posts a 36.5% rise in first-half profit
Grocery wholesaler Metcash posted a 36.5% rise in first-half profit, with chief executive Andrew Rietzer describing its grocery alliance business IGA as a “powerhouse” that is performing well against the competition.“The trading environment is strong. However, low price inflation continues to hamper trading opportunities across all of our business pillars,” ...
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Grupo Pão de Açúcar acquires 51% stake in Casas Bahia
Casino-owned Grupo Pão de Açúcar has acquired a 51% stake in electricals chain Casas Bahia, a rival to its Ponto Frio fascia.Casas Bahia operates 513 stores in Brazil and focuses strongly on white goods, furniture and electronics.The existing shareholders of Casas Bahia will retain a 49% stake in the retailer.As ...
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Cencosud plans to invest $700m in five South American countries
Cencosud plans to invest $700m in five South American countries as part of its 2010 growth plan.The investment will be distributed among projects Cencosud has in Argentina, Brazil, Chile, Colombia and Peru, according to president Horst Paulmann.Details of how the investment will be distributed among the five countries have yet ...
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Reliance Retail appoints Gwyn Sundhagul as chief exec of value-format division
Reliance Retail has appointed Gwyn Sundhagul chief executive of its value-format division, which includes the Reliance Mart, Reliance Super and Reliance Fresh fascias.Sundhagul was formerly chief marketing officer of Tesco’s Thai subsidiary Lotus. Reliance Retail operates almost 1,000 retail stores throughout India.
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Payless ShoeSource to open its first five stores in the Philippines
Payless ShoeSource is to open its first five stores in the Philippines by mid-next year with franchise partner Stores Specialists.Stores Specialists is the leading fashion specialist in the country, managing 72 high profile brands and 340 retail stores.In the past year Payless ShoeSource has struck franchise agreements for the retailer’s ...
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News
X5 Retail Group buys local supermarket chain Paterson
The country’s leading grocery retailer X5 Retail Group has bought local supermarket chain Paterson, which has 82 stores in Moscow, St Petersburg and other cities.X5 Group will pay $189.5 m (£103m) in cash for Paterson’s equity and assume $85m (£46m) of debt, to be financed by operating cash flow. It ...
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News
Metro Group dismissed all the top management at the Greek arm of its Makro Cash & Carry subsidiary
Metro Group has dismissed all the top management at the Greek arm of its Makro Cash & Carry subsidiary during an examination into administrative irregularities, according to the German retail press.Country manager Anastasios Michaelidis, non-food director Jan Casander and finance director Fotis Kalogeropoulos have left the company before completion of ...
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Barnes & Noble and Borders report quarterly figures
Bookstore operators Barnes & Noble and Borders have both reported quarterly figures.Sales at Barnes & Noble stores fell 2% to $950m (£582m) in its second quarter, while its online sales climbed 9%.At Borders, sales dropped 12.7% in its third quarter to $595.5m (£365m), with like-for-likes down 12.1% and 7.2% at ...