(Reuters) – Grocer Supervalu Inc (SVU.N: Quote, Profile, Research, Stock Buzz) reported a setback in its turnaround efforts, lowering a key sales forecast after a disappointing quarter, and its already battered shares plunged almost 12 percent.
Expectations were very low ahead of the quarterly report from the third-largest U.S. supermarket operator, which owns the Jewel-Osco, Albertsons and Save-A-Lot chains. Supervalu took the bar down again on Wednesday, guiding to a larger decline in full-year sales than previously foreseen.
LOS ANGELES (Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) is expanding beyond its dark coffee roots with lighter “Blonde” roasts debuting in cafes and supermarkets on Tuesday.
Blonde puts Starbucks in head-to-head competition with mass-market brands like McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz) and Dunkin’ Donuts (DNKN.O: Quote, Profile, Research, Stock Buzz), which each have posted robust sales of with their own milder brews.
(Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) raised prices by an average of about 1 percent in the Northeast and Sunbelt regions on Tuesday, a move affecting cities such as New York, Boston, Washington, Atlanta, Dallas and Albuquerque.
Shares of Starbucks, which boosted prices in some other U.S. markets in November, climbed 2.2 percent to a new high of $47.04 in early morning Nasdaq trading.
(Reuters) – Starbucks Corp is raising prices by an average of about 1 percent in the U.S. Northeast and Sunbelt regions on Tuesday, a move affecting cities such as New York, Boston, Washington DC, Atlanta, Dallas and Albuquerque.
Starbucks expects high prices for things like coffee, milk and fuel to cut into profits this year and — along with restaurant operators ranging from Chipotle Mexican Grill to McDonald’s Corp — is raising prices to help offset some of that cost pressure.
LOS ANGELES (Reuters) – - Tom Cruise’s fourth “Mission: Impossible” movie held on to the top of box office charts over New Year’s weekend as Hollywood said goodbye to a sluggish year at domestic movie theaters.
As 2011 ended, U.S. and Canadian revenue fell from last year and attendance slumped to its lowest level since 1995.
LOS ANGELES (Reuters) – Hip-hop artists sing about it, a famous housewife sells it and the wine world is abuzz about Moscato, a sweet, lightly fizzy drink that is the biggest thing to hit the wine business since White Zinfandel.
Hip-hop artist Kanye West helped elevate Moscato’s profile, serving Saracco Moscato d’Asti at a party in 2005 and giving the brand props in a remix of the song “Make Her Feel Good”.
NEW YORK/LAS VEGAS (Reuters) – U.S. retailers saw a steady flow of last-minute shoppers on Saturday, the day before Christmas, putting a moderate cap on a pre-holiday season that started with a bang and has since waned.
Industry watchers are forecasting a stronger holiday shopping season than expected, fueled by deep discounts at the start of the season, unusually warm and dry weather, a late Hanukkah, and an extra shopping day.
NEW YORK/LAS VEGAS (Reuters) – Retailers saw their fair share of last-minute shoppers on Saturday, the day before Christmas, but stores were not super-busy, putting a moderate cap on pre-holiday season that started with a bang and has waned ever since.
Industry watchers are forecasting a stronger holiday shopping season than expected, as deep discounts at the start of the season prompted a flurry of purchasing and unusually warm and dry weather has made it easier for people to shop.
By Lisa Baertlein and Anna Yukhananov
(Reuters) – The crisis surrounding the manufacturer of the No. 1 baby formula in the United States mounted on Friday as a top investment bank warned that Enfamil sales could be hurt even if health regulators find no link between it and the death of an infant.
Goldman Sachs cut its financial targets for Enfamil manufacturer Mead Johnson Nutrition Co, and Standard & Poor’s said it was assessing the impact of the investigation on the company, including whether it would have to be put on credit watch.
(Reuters) – Kroger Co (KR.N: Quote, Profile, Research, Stock Buzz) said on Thursday that four of the pension funds to which it contributes will merge into a new fund, a move that should ultimately trim its pension contribution costs after it takes a charge this year.
Kroger said it would borrow money at low interest rates to make a significant up-front pension contribution that will reduce future pension contribution related expenses. The fund merger also will lower administrative costs and investment fees.