Strategy

Los Angeles -- Supermarket retailer Arden Group reported Wednesday that the company earned $3.5 million in the quarter ended Oct. 2, compared with net income of $4.7 million in the year-ago period.

The parent of Southern California supermarket chain Gelson's Markets cited economic conditions and competition for the profit decline.

Revenue decreased 3% to $100.3 million. Same-store sales fell 3.3%.
 

Hoffman Estates, Ill. -- A Detroit court on Wednesday said that Charles Conaway, the former head of Kmart Corp., has agreed to pay $5.5 million to end long-running litigation with government regulators over the retailer's finances nearly 10 years ago.

The deal would stop Conaway's appeal of a court-ordered financial penalty for misleading investors before Kmart's bankruptcy filing in 2002.

The appeals court has agreed to send the case back to federal court in Detroit to handle the settlement.

Bentonville, Ark. -- Wal-Mart Stores announced Wednesday that it has promoted Jeff Davis to the position of senior VP and treasurer, effective Dec. 1.

In his new role, Davis will assume responsibility for treasury operations, capital markets, investor relations and risk management. Davis succeeds Charles Holley, who has been named to the position of executive VP and CFO, also effective Dec. 1.

Amsterdam -- Delhaize Group reported Wednesday that its third-quarter net profit rose 10% to $193 million, compared with a profit of $176 million in the year-ago period. Excluding currency effects, profit rose 2.7%.

The Belgian supermarket operator attributed the improvements to a stronger dollar against the euro, but also warned the retail environment in the United States remains challenging.

Revenue rose to $7.3 billion from $6.7 billion a year earlier.