Discount Store

BENTONVILLE, Ark. — Walmart plans a modest acceleration of its small format stores in the coming years as investors were assured Wednesday morning that financial returns are now comparable with the company’s large supercenters.

MISSISSAUGA, Ontario — Walmart Canada is stepping up its presence in the country this month with the opening of the most stores in the company's history.

By the end of October, the company will complete 30 real estate projects. They include two supercenter conversions and 28 new stores, which were formerly Zellers stores. Of the 28 Zellers locations, 10 will be supercentres and 18 will be discount stores. The 30 stores employ more than 3,000 associates and represent an addition of nearly 2.4 million square feet of retail space.

Green Bay, Wis. -- Shopko Stores announced Wednesday that Mike Bettiga has been named interim CEO to replace Paul Jones, who resigned to pursue another opportunity.

Bettiga is a 35-veteran of the company, and most recently served as executive VP and COO. Shopko is owned by private investment firm Sun Capital Partners.

ISSAQUAH, Wash. — Costco reported fourth-quarter sales of $31.52 billion, an increase of 14% from $27.59 billion for the same period last year.

Net income for the quarter was $609 million, or $1.39 per diluted share, compared with $478 million, or $1.08 per diluted share, during the fourth quarter of fiscal 2011.

Comparable-store sales, excluding fuel, rose 6% at U.S. stores, 7% internationally and 6% for the total company.

Mississauga, Ontario -- Walmart Canada said Tuesday it will complete 30 real estate projects by the end of October, including two supercenter conversions and 28 new stores totaling 2.4 million sq. ft. of retail space.

The new stores were former Zellers locations; 10 will be converted to supercenters and 18 will be Walmart Canada discount stores.

“This is an exciting month for Walmart Canada,” said Jim Thompson, COO, Walmart Canada.

Topeka, Kan. -- Following earlier reports on Wednesday that Shopko CEO Paul Jones had departed the company to pursue another opportunity, Payless Holdings has announced that Jones has stepped in as chief executive for the shoe chain.

Jones, whose appointment is effective Oct. 22 and whose retail history includes executive positions with Sears and Kohl’s, will be based in Topeka.

TOPEKA, Kan. — Payless Holdings has named Paul Jones as CEO. Jones was most recently chairman, president and CEO of Shopko Stores, a $2.7 billion mass merchandiser providing quality products and health services at great values in small to mid-sized markets. Jones will be based in Topeka and will join the company in an official capacity on Oct. 22.