Report: Walgreens’ Honolulu flagship back on market
Walgreens' flagship Hawaii store in Honolulu is back on the market, months after a Los Angeles-based investment bank and wealth management firm paid $54 million to buy the property. (Pacific Business Journal).
Supervalu falls short in Q1
Supervalu Inc. on Wednesday lower-than-expected profit for the first quarter amid ongoing efforts to spin off its Save-A-Lot division.
The supermarket operator reported a profit a profit of $46 million for the quarter, down from $61 million, in the year-ago period. Adjusted for charges related to the potential separation of Save-A-Lot and other factors, earnings declined to $53 million from $65 million last year.
Supervalu’s net revenue fell 3.9% to $5.20 billion.
“It takes time to bring on new business, and our first-quarter results reflect the sales run rate we experienced coming out of last year’s fourth quarter,” said president and CEO Mark Gross, who took the reins of the company in January. “We’ve been replacing lost business, and I am confident in our ability to attract new customers and grow our business.”
Supervalu’s discount banner, Save-A-Lot reported a 1.7% rise in net sales to $1.42 billion. In June, Supervalu announced its intent to spin off Save-A-Lot as a separate company within the next two years.
“We’re making great progress in growing our business as evidenced by our recent business announcements regarding our agreement with Marsh Supermarkets and our agreement to acquire 22 Food Lion grocery stores,” added Gross. “We’re also seeing great success in growing our wholesale produce business, and I believe we’ll sell more produce to our wholesale customers this fiscal year than our wholesale business has sold before.”
Report: Kroger opening new format in Memphis
Kroger is opening a larger format, called Kroger Marketplace, in the Memphis area. According to the Commercial Appeal, the Marketplace model adds departments for home fashion and design, bed and bath, kitchen and small appliances, apparel and shoes, and a Baby World. (Commercial Appeal)