NEW PATHMARK STORES CEO TO RECEIVE $900,000 SALARY
ointed chief executive officer of Pathmark Stores here, will receive an annual base salary of $900,000 and will have a target annual bonus of 100% of his salary, the retailer said in a Securities and Exchange Commission document. Standley, who began at Pathmark last week, also received a signing bonus of $335,000, plus 500,000 restricted shares of Pathmark stock and options to purchase 1.5 million shares of common stock at $10.39 a share. His initial three-year term as chief executive will renew automatically for one-year periods unless either party opts out at least 180 days before the end of a term.
COSTCO REPORTS YEARLY SALES UP 10%, COMPS UP 7%
ISSAQUAH, Wash. -- Costco Wholesale here last week reported sales of $51.9 billion for the fiscal year ending Aug. 28, a 10% increase from the prior fiscal year. Sales during Costco's 16-week fourth quarter increased 10% to $16.4 billion, and sales during four weeks ending Aug. 28 were $4.1 billion, an increase of 12% from last year. Overall comparable-club sales were up 9% for the quarter, and 7% for both the August period and fiscal year. Comps at Costco's international stores increased by 11% for the year, the company added. Costco said it would report earnings for the period on Oct. 6.
BSE TEST FOR LIVE ANIMALS UNDER DEVELOPMENT
AUSTIN, Texas -- A neuroscientist from the University of Texas claims to have developed a procedure that could test live cattle for bovine spongiform encephalopathy, or mad cow disease. Current screening tests required by the U.S. Department of Agriculture rely on brain tissue sampled from slaughtered animals. In a recent report published by Nature Medicine magazine, scientist Claudio Soto said his procedure, which still takes several days, was 89% accurate in blood tests of 18 hamsters infected with the "prion" proteins that lead to BSE.
SAFEWAY.COM BRINGS ONLINE SERVICE TO BALTIMORE
PLEASANTON, Calif. -- Safeway.com here has begun offering its online grocery service to Baltimore residents, according to Mitch Rhodes, chief executive officer, Safeway.com. The service includes delivery of prescriptions and allows customers to leave online notes for the pickers who fulfill their order, Rhodes said. Online orders are fulfilled within local retail locations. "Our overall strategy is to be one brand offered through two channels [online and in-store] which can supplement each other," Rhodes said. Safeway.com brought its online grocery offering to the East Coast on Aug. 15 under its Genardi's banner in Philadelphia. It also offers online groceries in several Western markets.
WAL-MART OPENS FIRST L.A. COUNTY SUPERCENTER
PALMDALE, Calif. -- The first Wal-Mart Supercenter in Los Angeles County opened here last week, the Bentonville, Ark.-based retailer said. The 205,000-square-foot store, located around 70 miles from downtown Los Angeles, will employ 735, including many from an existing Wal-Mart nearby that will be closing, the retailer said. Wal-Mart said it would donate nearly $30,000 among 24 local community organizations to mark the store opening.
LANCE'S NEWMARKET SELLS ALL NINE STORES
HUNTINGTON, Ind. -- The family that founded and ran nine stores based here under the Lance's, Lance's NewMarket and Mor for Less names has sold its stores. New owners Clete Miller and Todd Taylor, formerly with Chief Supermarkets, purchased the stores for an undisclosed sum and will continue running them under the same trade names, Miller, who serves as vice president for the new owners, told SN. Lance's was founded 30 years ago in North Manchester, Ind. The stores will maintain distribution arrangements with Supervalu through its center in Fort Wayne, Miller said.