Embattled US grocer Kmart said it was to begin a new strategy focusing on neighbourhood retailing, stocking goods specific to the communities where it has its stores.
Kmart outlined a five-year business plan at a Chicago bankruptcy court aimed to get the company out of Chapter 11 protection by April 30.
The new plan will enable local managers to buy food, fashion and everyday items to cater for the tastes of a specific community. The retailer expects to be profitable by next year with net income of $181m. It forecasts a profit of $644m by 2007, compared to a loss of some $286m for the full-year ending January 2002.
n US gloom
US winemaker Robert Mondavi has cut its 2003 profit forecast by about 20% due to low prices, an oversupply of grapes and competition from imports.
Second quarter sales to December 31 of Mondavi wines, such as Woodbridge and Robert Mondavi Private Selection, rose 8% to $141.1m. Net income dropped to $9.8m from $10.2m last year, hit by weak sales, higher expenses and special charges.
Mondavi said it did not expect "significant near-term improvement" in the US economy or in the oversupply of grapes.
n woolies' lift
Australia's top food retailer Woolworths has reported sales growth of 10% from continuing operations for the second quarter of 2002/03 to AU$7.39bn (US$4.3bn) due to a good Christmas trading performance. First half sales climbed by 13% to AU$13.92bn (US$8.1bn).
n P&G on track
Procter & Gamble reported a jump in second quarter sales its fifth consecutive period of sales growth in its 4%-6% target range.
For the three months ended December 31, total sales increased 6% to $11bn. Volume growth was higher at 8% but offset by price cuts on products such as Pampers nappies.
The company said it was on track to achieve its financial targets, expecting third quarter earnings to increase 11%-13% with volume up 6%-8%.
n altria d-day
Philip Morris, the parent company of Kraft Foods, has changed its name to Altria Group.
Operating companies of the New York-based company will not adopt the name.
{{NEWS }}
Kmart outlined a five-year business plan at a Chicago bankruptcy court aimed to get the company out of Chapter 11 protection by April 30.
The new plan will enable local managers to buy food, fashion and everyday items to cater for the tastes of a specific community. The retailer expects to be profitable by next year with net income of $181m. It forecasts a profit of $644m by 2007, compared to a loss of some $286m for the full-year ending January 2002.
n US gloom
US winemaker Robert Mondavi has cut its 2003 profit forecast by about 20% due to low prices, an oversupply of grapes and competition from imports.
Second quarter sales to December 31 of Mondavi wines, such as Woodbridge and Robert Mondavi Private Selection, rose 8% to $141.1m. Net income dropped to $9.8m from $10.2m last year, hit by weak sales, higher expenses and special charges.
Mondavi said it did not expect "significant near-term improvement" in the US economy or in the oversupply of grapes.
n woolies' lift
Australia's top food retailer Woolworths has reported sales growth of 10% from continuing operations for the second quarter of 2002/03 to AU$7.39bn (US$4.3bn) due to a good Christmas trading performance. First half sales climbed by 13% to AU$13.92bn (US$8.1bn).
n P&G on track
Procter & Gamble reported a jump in second quarter sales its fifth consecutive period of sales growth in its 4%-6% target range.
For the three months ended December 31, total sales increased 6% to $11bn. Volume growth was higher at 8% but offset by price cuts on products such as Pampers nappies.
The company said it was on track to achieve its financial targets, expecting third quarter earnings to increase 11%-13% with volume up 6%-8%.
n altria d-day
Philip Morris, the parent company of Kraft Foods, has changed its name to Altria Group.
Operating companies of the New York-based company will not adopt the name.
{{NEWS }}
No comments yet