News

New York City -- A $15 billion share buyback program, unveiled earlier in June, will allow Wal-Mart Stores’ founder Sam Walton’s descendants to see their stake in the chain edge up above 50%.

After Walton died in 1992, family members retained a stake of around 38% from the mid-1990s to the mid-2000s. Starting in 2003, a series of big share buybacks began to push the family stake higher, to 43% in 2008 and now to 49%, according to the latest filings.

Amsterdam -- Dutch retailer Koninklijke Ahold N.V. reported Tuesday that profit for the first quarter increased 6% to $423.84 million, citing a 6% sales rise and lowered operating costs for the improved performance.

Ahold generates more than half its sales in the United States through its Stop & Shop, Giant Carlisle and Giant Landover banners. In the Netherlands, it operates under the Albert Heijn banner.

The company didn't give any guidance or detail on its growth strategy.
 

Dayton, Ohio -- A report by the Dayton Business Journal said that the Liz Claiborne distribution center in West Chester, Ohio, will close within the next year.

Liz Claiborne said it plans to close and sell the 900,000-sq.-ft. DC due to “changing business needs,” company spokeswoman Dana Stambaugh told the Journal.

Heading into last Friday’s annual meeting, the financial community had high expectations Walmart would allocate additional funds to buy back stock, and the company didn’t disappoint. The $15 billion share repurchase authorization CFO Charles Holley announced replaced an existing $15 billion program approved one year earlier that had dwindled to just $2 billion due to the fact that Walmart was an aggressive purchaser of its own stock during the past 12 months.

It takes a special type of person to work at Walmart, according to chief information officer Rollin Ford, who told those assembled at the company’s shareholders’ meeting that customer service is in their DNA.

Ford, a 28-year Walmart executive, was called into service for a brief presentation at the meeting to recount his experience of working at Walmart while founder Sam Walton was still alive, since most of the thousands of store associates and many of the executives who attended the event joined the company after Walton death nearly 20 years ago.

While an abundance of celebrities and references to Walmart founder Sam Walton gave this year’s shareholders meeting a familiar feel, there also was an unmistakable emphasis on e-commerce and social media.

An amazing variety of people shop at Walmart stores, which is understandable given the company’s often cited statistic that 140 million people visit its stores weekly. This diversity of customers is one of the things that makes Walmart unique as this video from singer Jessica Frech cleverly illustrates in a light-hearted way. Click here to watch.

Driving same-store sales at U.S. stores is the top priority of Walmart U.S. president and CEO Bill Simon and his boss, Wal-Mart Stores Inc., president and CEO Mike Duke. Both executives stated U.S. comp growth is their top priority on Friday and went on to add that they are confident the company has the right strategy and people in place to make it happen.

MONTVALE, N.J. — Grocer A&P has entered into a new supply and logistics agreement with its principal wholesale supplier, C&S Wholesale Grocers, that is estimated to generate a run-rate of more than $50 million in annual savings. The revised contract must be approved by the bankruptcy court.

SALT LAKE CITY — Overstock.com has announced the unveiling of the O.co Coliseum, the new name of the Oakland-Alameda County Coliseum, home to the NFL Oakland Raiders and the MLB Oakland Athletics. The O.co Coliseum signage will make its debut on June 7 when U2 performs in the facility.

According to Overstock.com, the company is using the naming of the coliseum to promote its transition to a .co domain name.