News

PLEASANTON, Calif. — Safeway posted a drop in quarterly net income amid higher commodity costs.

The company reported net income of $215.6 million (67 cents per diluted share) for the fourth quarter of 2011. In the fourth quarter of 2010, Safeway reported net income of $229.6 million (62 cents per diluted share).

Total sales increased 6.2% to $13.6 billion in the fourth quarter of 2011 from $12.8 billion in the fourth quarter of 2010, helped by higher fuel sales and a 1.5% increase in identical-store sales (excluding fuel).

Naperville, Ill. -- OfficeMax Inc. reported Thursday that net income for the quarter ended Dec. 31 dropped to $2.9 million, from $32.8 million a year earlier.

Sales edged up 3.9% to $1.8 billion in the quarter, but dipped 0.4% to $7.1 billion for the full year. Profit for the year was $32.8 million.

SAN FRANCISCO — Gap Inc. has named Jill Stanton to the newly-created role as creative advisor for Old Navy and Liz Meltzer as SVP Gap international merchandising.

“Boosting our already-strong creative talent is a key focus in 2012,” said Glenn Murphy, chairman and CEO of Gap Inc. “On the heels of Tracy Gardner coming back to Gap, we are thrilled that Jill Stanton will bring her talent and proven business experience as creative advisor to Old Navy to help us deliver consistently great product.”

Pleasanton, Calif. -- Safeway Inc. posted a drop in quarterly net income amid higher commodity costs.

The chain said fourth-quarter net income fell to $215.6 million from $229.6 million a year earlier.

Total sales increased 6.2% to $13.6 billion. Same-store sales rose 1.5%, excluding fuel.
 

MINNEAPOLIS  — Target overcame modest fourth-quarter sales growth to report profits that exceeded earnings guidance and also provided a better than expected outlook for 2012.

Toronto -- The Canadian Restaurant and Foodservices Association said Thursday that it has forged an agreement Chase Paymentech to refer its payment processing solutions to more than 30,000 CRFA members across the country.

With the new agreement, Chase Paymentech will provide countertop, wireless and integrated restaurant management solutions to handle any payment type, including Pay-at-the-Table, EMV chip, online orders, contactless and gift cards.

Walmart’s U.S. stores regained customer traffic during the fourth quarter and president and CEO Mike Duke said the company had a great Christmas, but it didn’t feel that way to investors who couldn’t dump shares of the company fast enough after earnings were released on Tuesday.

Total company sales for the quarter increase by 5.8% to $122.3 billion and profits from continuing operations increased 3.4% to nearly $5.2 billion while earnings per share increased 7.5% to $1.44 from $1.34 if one time gains are excluded from both reporting periods.

By Dave Spargo, [email protected]