Supervalu is ousting CEO Craig Herkert as the grocery chain looks to right its business only weeks after reporting disappointing quarterly results and suggesting it might put itself up for sale.
Men, who have endured slightly higher unemployment rates than women, have been taking on more of the household shopping, according to a recent report. The trend hasn't boded well for stores: On average, men spend less than women on each trip.
In this economy, cash-strapped consumers have become more budget conscious and less concerned about appearing cheap. As a result, better-known brands have steadily been losing ground to store-branded food products.
Supermarket chain Kroger boosted sales and turned a profit in its fiscal third quarter, but failed to beat Wall Street earnings estimates and lowered the top of its 2010 earnings forecast range. Shares fell 9.3% on the news to close at $21.63 Thursday.
Whole Foods shares rose Friday after a Jeffries analyst upgraded the stock, saying the grocery's strategy of offering lower-priced items has accelerated sales while maintaining low costs.
Walmart has renewed its efforts to purchase Russian supermarket chain Kopeika, following reports that competing Russian grocer X5's interest in acquiring it has waned, according to Reuters.
Grocery chain Supervalu reported a net income of 31 cents per share this morning for the last quarter, which ended May 10, a 40% decline year-over-year. An after-tax charge of 12 cents per share that brought the figure down, but the quarter was still a disappointment.
