All articles by Planet Retail – Page 76
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News
RT Mart to launch flagship store in Beijing
Auchan subsidiary grocer RT Mart is to launch a flagship store in Beijing – its first in the city.The grocer, which is based in Taiwan, is fitting out the store at present and will be located in the city’s Chinatown Shopping Plaza.Auchan also recently announced plans to step up expansion ...
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Dollar General floats on the New York Stock Exchange
Dollar General, the value retailer backed by private equity house KKR, floated on the New York Stock Exchange last week.KKR still controls 89.5% of Dollar General, which would be valued at $7.7bn (£4.6bn), based on the $716m (£427.8m) raised in the IPO.The retailer has been one of the winners in ...
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US retail sales rose by more than expected in October
Retail sales rose by more than expected in October, largely due to a resurgent car market.Sales rose 1.4%, rebounding strongly after a revised 2.3% decline in September, according to figures from the Commerce Department.The increase was driven almost entirely by higher auto sales in October as demand returned following a ...
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Delhaize Group posted 1.9% revenue growth
Delhaize Group posted 1.9% revenue growth at identical exchange rates for the third quarter. At actual exchange rates the supermarket operator increased revenues by 4.8% to €4.9bn (£4.4bn) due to the strengthening of the US dollar by 5.2% against the euro compared with last year. Operating profit rose 5.7% to ...
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Caremark has lost out on £2.9bn in contract renewals
CVS’s pharmacy benefit management arm Caremark has lost out on about $4.8bn (£2.9bn) in contract renewals this year.The retailer warned investors to expect margins to fall by about 10% next financial year as a result. CVS reported a 17.9% year-on-year rise in revenues to $13.6bn (£8.3bn) at its retail pharmacy ...
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ICA posted third quarter net sales of £2bn
Ahold’s Scandinavia and Baltics arm ICA posted third quarter net sales of Skr23.5bn (£2bn) - a 3% increase compared with the same period last year. At constant exchange rates, net sales climbed 1.3% at the grocer. Operating income rocketed 37% to Skr936m (£82m).ICA managed to significantly reduce its losses in ...
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Whole Foods Market reports 2.3% sales increase
Organic retailer Whole Foods Market reported a 2.3% sales increase to $1.8bn (£1.1 bn) for the fourth quarter to September 27.Comparable store sales decreased 0.9% versus a 0.4% increase the previous year. Adjusted EBITDA soared 46% to $133.5m (£81.8 m). Chief executive John Mackey said: “We believe our sales have ...
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Walmart plans to open a further 40 stores in India
Walmart plans to open a further 40 stores in India, according to Indian commerce and industry minister Anand Sharma. “Walmart is very satisfied with its results in India. I was informed by the Walmart CEO that they are looking at opening more stores. He gave me a figure of 40 ...
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Carrefour's Guy Yraeta is to leave the business
Carrefour’s Guy Yraeta, who is in charge of the group’s key European operations, excluding France, is to leave the business.Yraeta spent 33 years at Carrefour and is responsible for the hypermarket reinvention project, which is in the process of developing a new concept for Carrefour’s struggling hypermarket format. Until a ...
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Sales at electronics retailer Yamada Denki climb
For the six months to September 30, sales at consumer electronics retailer Yamada Denki climbed 1.9% to JPY936.6bn (£6.3 bn). Operating profit fell 15.4% to JPY25.1 billion (£168 million). Net profit was down 20.2% to JPY16.4 billion (£110 million).
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Otto plans to expand its Russian operation
Mail order giant Otto intends to expand its Russian operation after acquiring the Russian subsidiary of bankrupt rival Arcandor’s Quelle division. Otto, which already considers itself market leader in Russia, is acquiring the rights to the Quelle brand, as well as some sub-brands and its internet domains in Germany and ...
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Lidl teams up with Nabtaaler Milchwerke to launch private-label lines
Discounter Lidl has teamed up with Bavarian dairy company Nabtaaler Milchwerke to launch Lidl’s first regional private-label lines. Lidl has been selling Bavarian long-life milk for some time in some regional divisions to support dairy farmers in the federal state. The discounter registered the trademark “Ein gutes Stück Heimat” - ...
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October like-for-like sales paint negative picture in US
The round of October like-for-like sales showed a generally negative picture as consumer confidence continues to struggle in the US. Of the few positive results, most came from retailers operating at the top and bottom of the market. Upmarket department store chain Nordstrom, for example, reported a 6% lift in ...
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Grupo Famsa reports MXN199m (£9.3m) net income
Department store operator Grupo Famsa reported MXN199m (£9.3m) net income for the third quarter, up by 371.6% from the same period in 2008.Net sales during the quarter reached MXN3.71bn (£173m), up by 6.1% year on year. The positive performance was primarily attributed to an 8.4% increase in sales at its ...
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Tengelmann confirms 200 redundancies
Retail giant Tengelmann has confirmed that it will make 200 redundancies in Germany.The redundancies will affect the retailer’s supermarket chain Kaiser’s Tengelmann (183 employees) and head office in Mülheim. The latter job cuts are due to the sale of discount banner Plus to Edeka.The Kaiser’s Tengelmann redundancies will affect the ...
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Office Depot reports $413m net loss
Stationery giant Office Depot reported a $413m (£252.4m) net loss in its third-quarter results.Sales in the group’s North American retail division were $1.3bn (£794.5m), down 18% compared with the same period last year, due in part to having fewer stores. Comparable store sales in the 1,144 stores in the US ...
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Abercrombie & Fitch to enter the Italian market
Casual luxury US clothing retailer Abercrombie & Fitch has entered the Italian market, opening its first store in Milan.The flagship store trades from 32,290 sq ft spread over two floors and features a 5,380 sq ft Abercrombie Kids section. A spokesperson for the retailer said the brand should appeal to ...
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French retailers accused of improper dealings with manufacturers
Carrefour, Leclerc, Auchan, Delhaize-owned Cora, Système U and four other retailers have been summoned before the commercial courts in France to defend allegations of improper dealings with manufacturers.Contracts between retailers and suppliers under scrutiny include those that require suppliers to buy back their unsold inventory and those where retailers can ...
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Amazon won't sell wine in the US
Amazon has ditched plans to sell wine in the US after hitting various problems.The etailer’s plans to sell wine direct have been hampered from the outset by the complicated regulatory and distribution system in the US.The retailer had hoped to ship US wines to up to 26 states, but its ...
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Metro Group to expand to Asia
Metro Group is set to begin a massive expansion in Asia, according to Metro Cash & Carry International chief executive Frans Mueller.The company is planning to start with 20 hypermarkets in Tokyo.Metro is also looking at other Asian countries, especially China, as well as Eastern Europe - Russia and Ukraine ...