Best Buy's Fourth Quarter: Strong Earnings, Mixed DemandBest Buy reported strong fourth quarter earnings, but many of its categories-consumer electronics, home office and entertainment hardware and software-are sucking wind. The one growth area: Services like repair, extended warranties and installation. The electronics retailer reported fourth quarter earnings of $651 million on revenue of $16.25 billion, down from $16.55 billion a year ago. For fiscal 2011, Best Buy reported earnings of $50.3 billion, up 1 percent from a year ago. Online revenue for fiscal 2011 was up 14 percent from a year ago to $2.5 billion.
Seeking Alpha
Fred's Fourth Quarter Profit Jumps 49%Store upgrades, improved merchandise selection and stronger customer service boosted Fred's Inc. bottom line in its fiscal fourth quarter. The Memphis-based discount retailer's income shot up 49 percent to $8.6 million, compared with a profit of $5.8 million, in the year-ago quarter. Fourth quarter sales increased 3 percent to $485.6 million from $473.1 million in fourth quarter 2009. During 2010, Fred's opened 15 store and 21 pharmacy locations and closed seven store and 15 pharmacy locations. It also renovated 196 stores throughout the year.
Memphis Business Journal
Target P-Fresh Hits Conn., St. LouisThe expanded sections include a combination of national and stores brands, as well as pre-packed meats, baked goods and perishables in an open-market-style layout. The new store layouts are featured in the Connecticut towns of South Windsor, Enfield, Waterford, New Britain, North Haven, Orange, and Milford. In the St. Louis area, the remodeled stores are in Kirkwood, Mo.; South County, Mo.; and Shiloh, Ill. Target, which has remodeled about 400 stores to the new format so far, plans about 380 of the stores this year.
Supermarket News
Supermarkets Ranked First in Tech Adoption Empathica Inc. has issued a consumer ranking of industries on their adoption of technology to enhance the customer experience. On an industry level, at the top of the ranking, 78 percent of consumers believe the supermarket and grocery store industry currently uses technology that enhances their experience. Gas stations ranked second, with 60 percent of consumers. However, only 15 percent of consumers said convenience stores were successful in doing so. C-stores ranked 13th on the list, tied with home improvement stores.
Progressive Grocer
VideoMining Eyes Grocery ShoppersA new program, implemented over a sampling of retail chains, launched by VideoMining Corp. will use video to study shopper behavior in 120 supermarkets across the U.S. beginning in August. Fifteen stores will be fitted with 100 cameras, while consumer audits and intercepts will supplement video collected by a fewer number of cameras in the remainder of stores. VideoMining would not disclose the names of retailer participants, but at least 10 banners are said to be in the study. Supermarket News
Supermarket Steps Up Cart Sanitation EffortsMoving well beyond the free disinfectant wipes found at the entrances to most supermarkets, Winn-Dixie Stores Inc. announced this month that it is using a Pompano Beach company to "clean, sanitize and protect" shopping carts, hand baskets, handicap carts, food trays and other equipment at its 484 stores, including the 10 in Brevard County.
Florida Today
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