log in to manage your profile and account
- Create your account
- Receive up-to-date newsletters
- Set up text alerts
Published: Thursday, March 08, 2018 @ 3:36 PM
Kroger’s digital sales grew more than 90 percent in 2017, the company reported during its earnings call today.
The company expects capital investments, excluding mergers, acquisitions, and purchases of leased facilities, to be approximately $3 billion in 2018. Total sales increased 12.4 percent to $31 billion in the fourth quarter compared to $27.6 billion for the same period in the last year. Total sales increased nearly 3 percent in the fourth quarter over the same period last year.
The company touted its successes in 2017, as the grocer continues to try to compete with the changing grocery landscape. Kroger chairman and CEO Rodney McMullen highlighted some of the company’s accomplishments last year. The company announced plans to expand Scan, Bag, Go to 400 stores while creating more than 10,000 new supermarket jobs.
Kroger also established digital wallet partnership with Chase Pay and achieved $16.7 billion in annual natural and organic sales, including $2 billion in Simple Truth sales, McMullen said during the earnings call.
The grocer also launched Restock Kroger, an initiative to redefine the food and grocery consumer experience. The Restock Kroger Plan will be fueled by capital investments, cost savings and free cash flow.
“Customers are letting us know that they see, feel and appreciate our efforts to redefine the customer experience – and they are rewarding us with growing loyalty. This is the cycle that creates long-term value for shareholders,” McMullen said.
FIVE FAST BUSINESS READS
Published: Friday, March 23, 2018 @ 10:21 AM
The former Montgomery County fairgrounds and the Dayton Arcade are going to be redeveloped less than two miles apart, but a University of Dayton official says the school pictures the two projects as complementary, not competitive.
“We wouldn’t be involved in both projects if we thought they weren’t going to be complementary,” said Andy Horner, chief financial officer at University of Dayton. “There are limited resources to go around but we think there’s going to be enough for both.”
UD is both partnering with Premier Health on redeveloping the fairgrounds and is also a key anchor tenant at the Arcade. The separate Arcade project calls for bringing the vacant downtown complex back to life as a hub of housing, shops and restaurants.
Horner spoke along with two other project representatives Friday morning to present an update on the fairgrounds project to the I-70/75 Development Association.
The early proposal for the Arcade includes a call for an “innovation hub” that would include housing the University of Dayton Center for Entrepreneurship and some faculty.
Published: Friday, March 23, 2018 @ 8:10 AM
German grocer Lidl is slowing its an ambitious expansion in the United States, putting a hold in plans to open any stores in Ohio right now.
In mid-2017, the grocery chain was “actively looking at sites” in Ohio and submitted an application to build a store in Beavercreek. The grocery store chain, which first opened stores in the U.S. last year, submitted a land development application to the Beavercreek Planning Commission in October. Lidl asked to the table application request at the planning commission meetings in November and December, and then withdrew the application in February.
» INITIAL REPORT: German grocery retailer Lidl looks to expand in Ohio
A spokeswoman told this news organization the chain is no longer focused on expansion in Ohio right now, and the chain is revising its expansion plans.
“We have not set a timeline for expansion into Ohio. Our operational focus is along the east coast where we are currently opening stores and building our operational presence,” a spokeswoman told this news organization.
The chain has halted construction on some projects around the U.S. In December, it stopped construction on its second New Jersey store due to “budgetary constraints,” according to NJ.com. The News Leader reported that Lidl was backing out of a planned store in Staunton, Va., because the company was no longer interested in building in smaller markets.
» INSIDE LOOK: Take a look at Lidl German grocery store
Some of the expansion plan changes include:
• Future stores will probably be smaller than initially planned, and targeted for urban areas. Total store space has been reduced from 36,000 square feet to 25,000 square feet in the smaller stores, Forbes reported.
• Less stores will open in 2018. A total of 50 stores since the first opening in Virginia on June 15, 2017, Forbes reported. Another 23 stores are expected to open this year, which is less than 100 stores that were initially expected to open.
Before the grocer slowed plans, Lidl was looking for possible new store sites in Texas, Ohio, Virginia, Georgia, South Carolina, North Carolina, Pennsylvania, Maryland, New Jersey and Delaware, according to Lidl’s website. Lidl first opened in 1973, about 25 miles south of Frankfurt, Germany. The chain didn’t start expanding outside of Germany until the 1990s, and now Lidl operates more than 10,000 stores in 27 countries.
FIVE FAST BUSINESS READS
Published: Thursday, March 22, 2018 @ 3:16 PM
— Charles Lazarus, who founded Toys ‘R’ Us, has died.
The retailer confirmed that Lazarus, 94, died Thursday morning. He no longer had any ownership position in the chain, but he started the company when he was 24 years old in 1948. He served as CEO until 1994.
“There have been many sad moments for Toys”R”Us in recent weeks, and none more heartbreaking than today’s news about the passing of our beloved founder, Charles Lazarus. Our thoughts and prayers are with Charles’ family and loved ones,” the company posted on Twitter.
» MUST-READ BUSINESS NEWS: Toys ‘R’ Us files for bankruptcy: What’s really going on?
Toys ‘R’ Us Inc. voluntarily filed for relief under Chapter 11, in September 2017. Toys R Us was $5 billion in debt, as of April 29. At the time of bankruptcy, the company said it would close about one-fifth of its store locations. Closing sales are expected to conclude in April.
The retailer will shut or sell all of its 735 U.S. stores. Customers should use any gift cards before April 20.
Toys “R” Us liquidation sales are expected to start on Friday. Approximately 31,000 employees will ultimately be laid off due to the store closings. The retailer has locations in Miami Twp. and Beavercreek.
FIVE FAST BUSINESS READS
Published: Thursday, February 15, 2018 @ 11:28 AM
Updated: Thursday, March 22, 2018 @ 10:18 PM
— Southwest Airlines is adding another new flight at the Cincinnati/Northern Kentucky International Airport.
Southwest Airlines’ new nonstop service from Cincinnati/Northern International Airport to Denver, Colorado (DEN) will begin Aug. 7. The new route will operate daily year round with Boeing 737 aircraft using a combination of 143 and 175 seat configurations.
» TRENDING BUSINESS: Dayton airport development sparks clash with Plan Board, residents
“This new route continues our growth in the region and adds more time saving itineraries to Denver and destinations in the western half of the United States,” said Dave Harvey, Southwest Airlines’ managing director of corporate sales. “Every flight on Southwest Airlines offers travelers the ability to change flights without paying change fees.”
Denver will be the third daily year-round destination served by Southwest at CVG.
FIVE FAST BUSINESS READS