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Exchange in 2012 paid dividend of $224 million to military morale, welfare and recreation programs

BY Michael Johnsen

DALLAS — The Army & Air Force Exchange Service board of directors on Thursday announced that the Exchange paid a dividend of $224 million in 2012. 

“Historically, roughly two-thirds of Exchange earnings are paid to the services’ morale, welfare and recreation programs with the other third used to build new stores or renovate existing facilities,” stated the Exchange’s senior enlisted advisor Chief Master Sgt. Tony Pearson. “This structure means that authorized customers are, essentially, ‘investors.’”

With a mission to provide quality goods and services at competitively low prices and generate earnings to support quality of life efforts, the dual benefit the Exchange provides military families goes beyond the clothes, electronics and snacks on shelves.

Customers who shop the Exchange’s brick and mortar stores or online at www.shopmyexchange.com help make the military community a better place to live and work. In fact, purchases made in the past 10 years have provided more than $2.4 billion to such military programs as Youth Services, post functions, gyms and aquatic centers.

 

 

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Safeway increases level of stock repurchase program by $2 billion

BY Michael Johnsen

PLEASANTON, Calif. — Safeway on Friday announced that its board of directors increased the authorized level of the company’s stock repurchase program by $2 billion. Through the end of the third quarter of 2013, Safeway had approximately $0.8 billion remaining under its previously authorized stock repurchase program.

Safeway’s stock repurchase authorization does not have an expiration date, and the timing of repurchases will depend on market conditions. 

Stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. The stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.

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NRF: Shutdown deal just postpones issues

BY Dan Berthiaume

WASHINGTON, D.C. — Matthew Shay, president and CEO of the National Retail Federation, released a statement on the decision to reopen the federal government through Jan. 15 and raise the debt ceiling until Feb. 7. Shay said that while the agreement provides some satisfaction, it essentially continues debate and postpones difficult economic decisions that must be made.

“As we head into the holiday shopping season, retailers and consumers need stability and certainty from policy-makers in Washington and assurance that the economy will not implode due to their actions or more important, lack thereof,” said Shay. “This new norm of legislating from crisis to crisis is no way to govern.”

Shay also said that the economic recovery is retail-led and consumer-driven, and that cuts in consumer spending hurt retailers as well as the economy as a whole and U.S. taxpayers.

“Today’s decision will provide some breathing room for legislators to negotiate and compromise, but it is not a solution to our long-term economic or fiscal challenges,” concluded Shay.

 

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