News

WALTHAM, Mass.  -- Kroger is now offering its shoppers the ability to redeem SavingStar e-coupons when they use their Kroger Plus Card at checkout. According to a press release from SavingStar, it is the only national paperless grocery coupon service, and the addition of Kroger to the SavingStar network of retailers increases the number of grocery and drug stores offering their customers digital coupons through SavingStar to more than 24,000 stores nationwide. 

Naperville, Ill. -- OfficeMax said Thursday that its net income dropped 53% in the first quarter.

Net income fell to $11.9 million from $25.4 million. Revenue fell 2.8% to $1.86 billion, though it beat analysts' estimates

The company blamed bad weather, store discounts and "an unfavorable product sales mix shift" in the technology department. Revenue from direct sales to business customers fell more steeply than revenue in stores.

Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.

The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.

Brentwood, Texas -- Tractor Supply Co. said Thursday it approved a $600 million stock buyback program, increases its existing share buyback program to $1 billion. The program was established in February 2007, and is extended through April 30, 2015.

The chain said it will also increase its quarterly cash dividend to 12 cents per share.

Phoenix -- JDA Software Group and Gladson announced a strategic alliance to provide combined services to their joint customers in the consumer packaged goods industry.

J.C. Penney has taken the wraps off its new retail concept, The Foundry Big & Tall Supply Co., opening the first location in Dallas. With the  first 10 stores due to open in the Dallas and Kansas City, Mo., markets by the end of May, J.C. Penney plans to expand concept nationwide to 100 stores by 2013, reaching a total of 300 stores over the next five years.

Averaging 5,000-sq.-ft., The Foundry offers a hip, unpretentious environment with flat-screen TVs tuned to sports, an oversized poker table and comfortable seating.

Seattle -- Starbucks on Wednesday reported that its second-quarter profit rose 20% as more customers visited its stores, and it raised its earnings forecast for the year.

The company said it earned $261.6 million for the quarter ended April 3, up from $217.3 million a year earlier. Revenue rose nearly 10% to $2.79 billion.

Sidney, Neb. -- Cabela's said Thursday that stronger revenue helped its fiscal first-quarter profit more than double from results weighed down by a hefty charge a year ago.

The reported net income of $17.8 million in the three months ended April 2, up from $8.1 million a year earlier.

The year-ago period included an $11.9 million charge related to a 2009 FDIC compliance examination.

Revenue increased 5% to $586.7 million, from $559.6 million. Same-store sales rose 8.9%.

Washington, D.C. -- Commercial real estate information company CoStar Group has signed a definitive agreement to acquire LoopNet, the leading online commercial real estate marketplace.

“CoStar revolutionized how the industry researches commercial real estate and LoopNet revolutionized the way the industry markets commercial real estate," said Andrew C. Florance, president and CEO, CoStar. "We expect the combination of our companies to give the $11 trillion commercial real estate market the full benefit of the Internet."

Dallas -- Alliance Data Systems Corp., a provider of loyalty and marketing solutions derived from transaction-rich data, and Zale Corp., announced a national agreement between Alliance Data's Canadian coalition loyalty business and Zale Canada. The agreement provides for Zale's Canadian brands, Peoples Jewellers and Mappins Jewellers, to participate as the exclusive sponsors in the fine jewelry category in the Canadian Air Miles Reward Program.