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Fred’s net income falls in Q4
Memphis, Tenn. – Fred’s Inc. reported a substantial 34.5% decrease in its net income during the fourth quarter of fiscal 2013, to $5.56 million from $8.49 million in the same quarter a year earlier. Net sales declined 7.2% to $495 million from $533.4 million, and same-store sales grew 0.1%.
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Walmart tests new c-store format, Walmart To Go
New York -- Wal-Mart Stores is testing a new convenience-store concept called “Walmart To Go,” with the initial location in the chain’s hometown of Bentonville, Ark.
The new store offers convenience store products, prepared foods and gasoline. At approximately 2,500 sq. ft., Walmart To Go is much smaller than the company’s other small-format concept, Walmart Express, which averages about 15,000 sq. ft.
Walmart also has a grocery delivery service with a similar name, WalmartToGo.com, in two markets.