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Inside This Issue - News
Many of the nation’s largest retailers posted solid first quarter results, and strong sales in such categories as apparel and home goods offer more signs that consumer confidence is improving as an overall economic recovery appears to gain traction. CVS Caremark Corp. chairman, president and chief executive officer Tom Ryan has decided to call it quits. Rick Anicetti has left Delhaize America, relinquishing the positions of executive vice president of the Delhaize Group and chief executive officer of Delhaize America Shared Services. Andy Clarke has been named president and chief executive officer of Asda Group PLC, the United Kingdom’s No. 2 supermarket chain. He succeeds Andy Bond, who stepped down in April to take the new, part-time role of chairman of the company’s executive board. Saving money remains the top concern of supermarket shoppers, according to the latest customer survey from the Food Marketing Institute (FMI). Two weeks before Sears Holdings Corp. reported a 38% drop in its quarterly profits last month, chairman Edward Lampert pointed out the company was undergoing dramatic changes that would significantly alter the way the retailer operates in the coming years. Dollar store operator 99¢ Only Stores wrapped up its 2010 fiscal year on a strong note, as net profit soared more than 600%, beating Wall Street’s expectations. Supervalu Inc. returned to a profit in the fourth quarter of fiscal 2010. Surging sales and operating profit at its international division helped Walmart overcome a sharper-than-expected drop in same-store sales at its U.S. stores, as first quarter net income exceeded both management’s and Wall Street’s forecasts. Bi-Lo LLC has completed its financial restructuring and emerged from protection under Chapter 11.
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