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Supervalu Q4 profit beats Street, will remodel 55 to 75 units in 2011
Minneapolis -- Supervalu reported Thursday that net income for the quarter ended Feb. 26 slipped 2% to $95 million, compared with $97 million in the year-ago period, but results still beat Wall Street expectations.
Performance was impacted by softer sales, which dropped 6% to $8.66 billion, missing Wall Street's estimate of $8.73 billion. Same-store sales fell 5%.
Supervalu, which operates Albertsons, Jewel-Osco and Save-A-Lot chains, launched a turnaround plan more than a year ago.
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Former GSK executive named Safeway SVP
PLEASANTON, Calif. — Darren Singer, a 25-year GlaxoSmithKline veteran, has been named Safeway's SVP pharmacy, health and wellness, the retailer announced.
Singer will be responsible for retail pharmacy operations, specialty care, pharmacy services, compliance, benefit management and managed care for Safeway. He will report to Safeway's merchandising president, Kelly Griffith.