Discount Store

It seems like forever ago that Walmart stopped reporting monthly sales and providing regular guidance updates, which is why one comment by Walmart CFO Charles Holley stood out above all the others he made this week at the Bank of America Merrill Lynch Consumer & Retail Conference.

NEW YORK — Belgian supermarket operator Delhaize Group said that its fourth quarter net profit dropped 48%, hurt by impairments resulting from its restructuring. It also announced that Mats Jansson will be the new chairman of the board, and that Pierre Bouchut will succeed Stefan Descheemaeker as CFO, effective March 19.

The company, whose U.S. holdings include the Food Lion, Hannaford Bros. and Sweetbay banners, said it will accelerate the revamp of its stores in the United States and Belgium to increase its competitiveness.

JOHANNESBURG, South Africa — A South African regulatory body gave Wal-Mart Stores permission on Friday to move ahead with its $2.2 billion purchase of South African chain Massmart.

The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, but did require a study to determine a path to protect small producers who might not be able to compete with foreign producers from whom Wal-Mart can import cheaper goods.

New York -- Target Corp. will complete remodels at more than 100 general merchandise Target stores by March 25. The locations will be the first of three cycles of remodels for Target this year. In total, the chain expects to remodel 230 general merchandise Target stores to incorporate the expanded fresh food layout in 2012.

The most exciting news coming to Target stores this year isn’t some new designer exclusive or enhancement to REDcard Rewards, but rather a return to operational normalcy as the PFresh remodeling program winds down. This phenomenon won’t generate the same publicity as a Jason Wu pop-up store, but the impact on shoppers and sales promises to be greater.

New York -- Belgian supermarket operator Delhaize Group said that its fourth quarter net profit dropped 48%, hurt by impairments resulting from its restructuring. It also announced that Mats Jansson will be the new chairman of the board, and that Pierre Bouchut will succeed Stefan Descheemaeker as CFO, effective March 19.

The company, whose U.S. holdings include the Food Lion, Hannaford Bros. and Sweetbay banners, said it will accelerate the revamp of its stores in the United States and Belgium to increase its competitiveness.

Fortune is out with its list of the “50 Most Admired Companies,” and Walmart landed at number 24, which is only a big deal if you buy into the notion espoused by those who compiled the list that it is the definitive report card on corporate reputations.

It is not, at least as far as retailers are concerned for the simple reason the methodology doesn’t take into account the views of shoppers whose perceptions of retail companies matter far more than the folks Fortune surveyed to arrive at their most admired ranking.

Jacksonville, Fla. -- Stein Mart Inc. reported Thursday that its net income fell to $5.7 million for the fiscal fourth quarter, down from $18.8 million last year. The chain said it was returning to its strategy of emphasizing everyday low prices after heavy coupon promotions took a toll on the retailer's financial performance during the past year.

Revenue for the quarter ended Jan. 28 was down nearly 3% to $328.1 million, from $336.7 million. Same-store sales were down 2.2%.