NORTH AMERICA: Retail results round-up: Costco, Sobeys, Casey's
By Dean Best | 12 March 2013
Half-year profits have increased by more than a third at US wholesale giant Costco.
The retailer booked net income of US$963m for the 24 weeks to 17 February, up 34.8% on the year.
Net sales increased 9% to $47.55bn on the back of higher comparable-store sales. Excluding fuel prices and fluctuations in exchange rates, comparable-store sales were up 5%. In the US, comparable-stores sales grew 6%; overseas, they were up 5%.
In Canada, local retailer Sobeys saw sales and profits increase in the third quarter of its parent Empire Co.'s financial year.
Empire said adjusted net earnings from its Sobeys food retailing business was C$71.7m for the 13 weeks to 2 February, up C$66.4m a year before.
Sales from Sobeys were up 8.8% at C$4.28bn. Same-stores sales were up 1.2%.
Back in the US, convenience store group Casey's General Stores saw third-quarter profits fall.
Casey's reported net income of US$15.5m for the three months to the end of January, down from $16.7m a year earlier.
Revenue increased 5.3% to US$1.66bn. The retailer opened 28 stores in the quarter. Same-store sales of grocery and "other merchandise" were up 3.2%. Prepared food and fountain same-store sales rose 11.6%.
Sectors: Financials, Retail
Companies: Sobeys, Costco, Empire Co., Casey’s General Stores
View next/previous articles
12 Mar 2013 -
12 Mar 2013 -
Currently reading -
NORTH AMERICA: Retail results round-up: Costco, Sobeys, Casey's
12 Mar 2013 -
Related research
Datamonitor's Sobeys Inc. - SWOT Analysis company profile is the essential source for top-level company data and information. Sobeys Inc. - SWOT Analysis examines the company’s key business structure and operations, history and products, and provides...
Costco Wholesale UK Limited (Foodservice): Foodservice - Company Profile & SWOT Report
Canadean's "Costco Wholesale UK Limited (Foodservice): Foodservice - Company Profile & SWOT Report" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts,major products and ser...
Costco in the US: Local Profile
ICD Research's ‘Costco in the US: Local Profile’ is a comprehensive report covering the company’s local operations. It also includes key financial and operational performance details of the company. In addition, the report presents the strategy of th...
Related articles
Editor's choice: the highlights on just-food last week
The latest just-food interview saw the boss of Nestle's business in Greater China discuss the food giant's strategy in the market and why he believed the world's largest food manufacturer had the edge on its rivals in the region. It was a week of a number of notable pieces of M&A, including Canadian retailer Sobeys' move to buy Safeway Inc's business in Canada and JBS's deal to acquire Seara Brasil from local meat rival Marfrig.
Quote, unquote: just-food's week in words
This week, just-food spoke with the CEO of Nestle Greater China, Roland Decorvet, who went into detail about the company's strategy in China and the challenges it faces there. We also garnered analysts' thoughts on Amazon's plans for its US grocery business and Carrefour's prospects for the African market. Elsewhere, JBS announced a deal to buy domestic poultry business Seara Brasil, Sobeys bought Safeway's Canadian operations, and B&G Foods snapped up Pirate Brands.
In the spotlight: Sobeys joy but questions for Safeway
Canada's second-largest grocer Sobeys has swooped to buy the local business of US supermarket giant Safeway. Sobeys has paid a full price for Safeway's Canadian arm but, writes Dean Best, the market was broadly positive and agreed with the company's optimism. For Safeway, however, the sale does leave some questions.
There are currently no comments on this article
Be the first to comment on this article