Finance & Capital Management

Minneapolis -- Supervalu reported Tuesday that earnings for the first quarter rose 10% to $74 million, compared with $67 million in the year-ago period. The grocer cited effective cost-cutting for the strong performance, which topped Wall Street expectations.

The operator of Albertsons and Jewel-Osco supermarkets saw revenue fall 4% to $11.11 billion, just missing analysts’ expectations of $11.13 billion. Same-store sales dropped 3.9%.

Birmingham, Ala. -- Books-A-Million said late Monday that it was unable to put a deal together to acquire the leases and assets of 30 Borders bookstores out of bankruptcy.

"The company’s efforts to secure the inventory, fixtures, equipment and leasehold interests for 30 Borders stores has ended unsuccessfully because the parties could not agree on terms and the going out of business sales at these locations commenced," Clyde B. Anderson, Books-A-Million CEO, said.

SALISBURY, N.C. — Discount grocery chain Bottom Dollar Food announced plans to enter the greater Pittsburgh and Youngstown, Ohio, markets.

The expansion includes 14 stores that will open in 2012 and is said to create more than 600 jobs.

Appearing at number 21 on this year’s ranking of the 50 most powerful people in the food industry is Target chairman, president and CEO Gregg Steinhafel. Compiled by Supermarket News, Steinhafel is probably ranked about where he should be considering the company’s position in the hierarchy of food retailers and other people in positions of power whose actions influence impacts the food universe. Click here to view the list.

Target and Macy’s get the nod from Citigroup retail analyst Deb Weinswig as top picks to fare well this back-to-school season. In contrast to last week’s NRF survey, which forecasts a slight decline in spending, Weinswig is of the opinion that this year broadline and drug retailers will have their strongest seasonal performance since 2006 thanks to new fashion trends, a favorable weather outlook, inflation and high-end consumer demand.

American consumers may not like inflation, but retailers are enjoying the favorable impact rising prices have on their same-store sales calculations. It was evident last month when most retailers reported healthy comp increases, and more of the same could be in store for July as it appears retailers are effectively passing through increased prices to shoppers.

Chicago -- Wal-Mart Stores said Monday it has launched site work for a new store in Chatham, Ill. The new superstore is expected to create 400 new jobs and open in spring 2012.

Salisbury, N.C. -- Discount grocery chain Bottom Dollar Food announced Monday plans to enter the greater Pittsburgh and Youngstown, Ohio, markets.

The expansion includes 14 stores that will open in 2012 and slated to create more than 600 jobs.

Goodlettsville, Tenn. -- Dollar General Corp. announced Monday that Kathleen Guion, division president of store operations and store development, will retire from the company effective July 31, 2012.

According to Dollar General, during her tenure Guion oversaw more than 9,500 stores in 35 states and revamped the company’s real estate strategy. Before assuming her current role in November 2005, Guion served as executive VP store operations. Prior to joining Dollar General in 2003, she served as president and CEO of Duke and Long Distributing Co.

By Michael Havdala, [email protected]

When the Circuit City and Linens N’ Things spaces began to go dark in 2008, many landlords wondered who would step up to take their places. These concerns only deepened as the economic downturn cast doubt over retail leasing prospects.