Food Retail & Distribution

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Tesco PLC announces Chief Executive Officer change

2:02am EDT

Tesco PLC:Says David Lewis will join the Board as Chief Executive Officer with effect from Sept. 1, when Philip Clarke will step down.

Magnit OAO halts logistics project in Hungary over food embargo-Interfax

Tuesday, 26 Aug 2014 07:29am EDT

Magnit OAO:Magnit has halted a logistics project in Hungary after the volume of goods imported from Europe fell owing to Russia's embargo, Finance Director Khachatur Pombukhchan said during a conference call-Interfax.Magnit will be able to quickly renew work on the project since all the necessary preparatory work has been carried out, Pombukhchan said, adding that the company expected to see changes in Russian-EU relations.The suspension will not affect Magnit's capex.The next step will involve purchase of trucks in Europe, meaning that fewer will be purchased in Russia, he said.For now, Magnit is working to redirect European transport flows to operations in Russia.Magnit announced plans late last year to organize a transport enterprise in Hungary with up to 1,000 trucks.The project aimed to optimize the company's logistics processes in the EU.The choice of Hungary was dictated by a number of factors, including its geographic location and "the cooperative attitude of the government authorities," Magnit said at the time.

Maruetsu Inc raises consolidated full-year outlook for FY 2015

Tuesday, 26 Aug 2014 01:00am EDT

Maruetsu Inc:Says the company increased the consolidated full-year outlook for revenue to 344,400 million yen from 333,700 million yen for the FY ending Feb. 2015.Operating profit forecast increased to 4,300 million yen from 3,000 million yen.Ordinary profit forecast increased to 4,000 million yen from 2,750 million yen.Net profit forecast increased to 2,000 million yen from 850 million yen.Earnings per share increased to 15.97 yen from 6.79 yen.FY 2015 revenues of 341.17 billion yen, reported net profit of 2.22 billion yen – Thomson Reuters I/B/E/S.Comments the less-than-expected influence of increased consumption tax and increased income are the main reasons for the forecast.

Fresh Market Inc gives Q3 2014 comparable store sales guidance; reaffirms FY 2014 EPS and comparable store sales guidance

Thursday, 21 Aug 2014 04:20pm EDT

Fresh Market Inc:Reaffirms previously issued FY 2014 comparable store sales and adjusted earnings guidance.Continues to expect FY 2014 adjusted earnings of $1.56 to $1.66 per diluted share.Says FY 2014 GAAP diluted earnings per share are expected to be $1.35 to $1.45.Expects FY 2014 Comparable store sales growth of 1.5 pct to 3.5 pct.Says Q3 2014 comparable store sales at the low to mid-point of the 1.5 pct to 3.5 pct FY 2014 range.FY 2014 EPS of $1.56 - Thomson Reuters I/B/E/S.

O'Key Group SA reiterates FY 2014 revenue guidance - Conference Call

Thursday, 21 Aug 2014 09:00am EDT

O'Key Group SA:Reiterates earlier FY 2014 guidance for revenue growth at around 12pct.Reported revenue of 139.46 bln russian rubles in FY 2013.FY 2014 revenue of 160 bln russian rubles - Thomson Reuters I/B/E/S.

Sheng Siong Group Ltd announces proposed joint venture

Thursday, 21 Aug 2014 08:02am EDT

Sheng Siong Group Ltd:Announces that together with subsidiaries it has entered into non-binding letter of intent (LOI) on Aug. 21.Agreement in relation to proposed joint venture with Kunming LuChen Group Co., Ltd.To operate supermarkets in People’s Republic of China.Says joint venture company (JVC) will have registered capital of $10 mln.Says Group will hold 60 pct of equity interest in JVC.Says LuChen Group will hold 30 pct of equity interest in JVC.

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