National Retail Federation released its 2014 Valentine’s Day spending survey conducted by Prosper Insights and Analytics

Washington, DC, US, 2014-2-4 — /EPR Retail News/ — On the heels of a healthy yet modest holiday shopping season, cautious consumers aren’t quite ready to splurge on Valentine’s Day this year, continuing to keep their budgets in check. According to the National Retail Federation’s 2014 Valentine’s Day spending survey conducted by Prosper Insights and Analytics, 54 percent of Americans will celebrate with their loved ones this year, compared to 60 percent in 2013. The average person plans to spend $133.91 on candy, cards, gifts, dinner and more, up slightly from $130.97 last year. Total spending is expected to reach $17.3 billion.*

“Valentine’s Day will continue to be a popular gift-giving event, even when consumers are frugal with their budgets. This is the one day of the year when millions find a way to show their loved ones they care,” said NRF President and CEO Matthew Shay. “Consumers can expect Cupid’s holiday to resemble the promotional holiday season we saw just a few months ago, as retailers recognize that their customers are still looking for the biggest bang for their buck.”

Gift-givers will find the perfect gift for their loved ones that fits their budget, whether it’s candy, flowers, jewelry, clothing, an evening out or simply a greeting card. Nearly half (48.7%) will buy candy, a third will give flowers (37.3%) and over half (51.2%) will send greeting cards. Nineteen percent will treat their significant other to something sparkly – jewelry spending will total $3.9 billion, and 37 percent will celebrate with an evening out, spending an estimated total of $3.5 billion. Others will give more practical gifts like clothing (15.8%) or gift cards (14%) so their loved ones can have that item they’ve been eyeing in the store.

Men will spend $108.38 on gifts for their significant others – twice as much as women who will spend $49.41 on their special someone. But Valentine’s Day isn’t just for couples; people will show their appreciation for family members (59.4%) friends (21.7%) teachers (20.4%) and colleagues (12.1%). And like every holiday, Americans won’t forget about their pets.19.4 percent will buy gifts for their furry friends, spending an average of $5.51.

“While fewer are planning to celebrate Valentine’s Day this year, millions of shoppers will still  make room in their discretionary budgets to send cards and gifts to loved ones or enjoy a special evening out,” says Prosper Insights and Analytics Director Pam Goodfellow. “Consumers can expect promotions on everything from flowers to date night dinner packages in the coming days, leaving plenty of ideas for those looking to spoil their Valentines.”

Cautious consumers do their research when it comes to shopping, and many will purchase gifts online. The survey found that 26.1% plan to shop online this Valentine’s Day, flat with last year’s 26.3%. Many will turn to their tablets or smartphones before making their final gift decisions; 24 percent will research products or compare prices on their smartphones and 32.2 percent will do so on their tablets.

About the Survey
The NRF’s 2014 Valentine’s Day spending survey was designed to gauge consumer behavior and shopping trends related to Valentine’s Day. The survey was conducted for NRF by Prosper Insights & Analytics. The poll of 6,417 consumers was conducted from January 2-13, 2014 and has a margin of error of plus or minus 1.2 percentage points.

Prosper Insights and Analytics delivers executives timely, consumer-centric insights from multiple sources. As a comprehensive resource of information, Prosper represents the voice of the consumer and provides knowledge to marketers regarding consumer views on the economy, personal finance, retail, lifestyle, media and domestic and world issues. www.ProsperDiscovery.com

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retailcampaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. www.nrf.com.

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* Total extrapolation of US population 18+

New program at Hy-Vee informs customers which seafood comes from environmentally responsible sources

New program will inform customers about Hy-Vee’s high quality seafood that comes from environmentally responsible sources

West Des Moines, IA, US, 2014-2-4 — /EPR Retail News/ — Responsible Choice – two simple words that now bring a volume of information to Hy-Vee seafood customers. Starting today, Hy-Vee shoppers will see the blue and green Responsible Choice logos on select products in the seafood case. The Responsible Choice education program is part of Hy-Vee’s ambitious Seafood Procurement Policy that provides customers high quality seafood acquired through responsible methods and in accordance with the highest environmental standards in the food industry.

“The Responsible Choice logo serves as a seal of approval that more and more of our seafood is responsibly harvested or raised, minimizing damage to the environment and other sea life,” said Hy-Vee’s Nate Stewart, Vice President of Perishables. “Responsible Choice assures our customers that their seafood is of the highest quality and that Hy-Vee is committed to the global environment.”

Hy-Vee offers a diverse seafood selection to its Midwest customers and is dedicated to maintaining these high standards as the company implements the expanded seafood policy. To protect marine resources and ensure future seafood supplies, Hy-Vee has committed to sell responsibly sourced fresh and frozen seafood that is rated Green or Yellow by the Monterey Bay Aquarium’s Seafood Watch program, certified to an environmental standard equivalent to these ratings, or is sourced from credible, time-bound improvement processes by the end of 2015.

Hy-Vee’s Responsible Seafood Commitment and its comprehensive Procurement Policy were developed in partnership with FishWise – a non-profit organization focused on supporting sustainability through environmentally responsible business practices.

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Marks & Spencer and Oxfam joint campaign ‘Love, Mum’ to raise money for mothers in living poverty around the world

Joanna Lumley, Abbey Clancy and Zoe Ball launch a new initiative from Marks & Spencer and Oxfam to raise money for mothers living in poverty around the world.

London, UK, 2014-2-4 — /EPR Retail News/ — CELEBRITY MUMS Joanna Lumley, Abbey Clancy and Zoe Ball today joined forces to launch ‘Love, Mum’, a new joint campaign from Marks & Spencer (M&S) and Oxfam to raise money for mothers in living poverty around the world.

‘Love, Mum’, part of the retailer’s ongoing Shwopping campaign, is calling on the nation to shwop – not bin – unwanted childrenswear items, of any brand, to M&S stores nationwide in the run up to Mother’s Day.

With three in five (56%) parents previously admitting to throwing baby clothes in the bin, there are millions of children’s clothing ending up in landfill that could be given a new life through Shwopping. *

All the money raised from items shwopped before 31 March 2014 will go to Oxfam’s Mother Appeal, helping mothers around the world lift themselves and their families out of poverty for good. Thanks to the UK government, every pound raised from the items will be doubled. **

Joanna Lumley said of her support for the campaign:
“It is a strange but true fact that the smaller the human being, the more clothes they inevitably need. Our children grow so quick that the clothing we bought a week ago, are often too small to be worn again. Yet, we are often guilty of throwing these away or holding onto them as they hold emotional memories for us as new mums.

“Through Shwopping we can now help mums that we may never meet, but through that old babygrow that will never be worn again, we can be connected through our memories and our goodwill. No clothing, no matter how small, should end up in landfill and harm the environment. Dig deep into the back of the wardrobe, get that box from the cellar and shwop them… your small donation will have a huge impact on someone’s life.”

28-year-old model and mum to two-year-old Sophia, Abbey Clancy said:
“It’s great that Oxfam is celebrating mothers around the world as mum’s really are amazing. Supporting Oxfam’s Mother Appeal is easy, you can donate unwanted goods to Oxfam shops, Shwop clothes in M&S, hold a fundraising event with friends, or simply donate money via Oxfam’s website and you’ll be helping mothers worldwide change their future. What’s more every donation to the appeal will be matched by the UK government, which is just brilliant!”

Mum of two, DJ and TV Presenter, Zoe Ball added:
“Being a Mum is the best job in the world and a role I cherish with all my heart – but for many mums around the world it is also the toughest job, fighting everyday to find enough food to feed your little ones, trying to keep them healthy often without access to even basic healthcare and worrying about their future without a guarantee of education for them or facing challenging political situations.

“So, we’re calling on all mums & grandmas out there to do a little bit to help other mums around the world less fortunate than ourselves simply by taking your bags of used or unwanted clothes to Marks & Spencer stores nationwide and Shwopping them to raise money for Oxfam’s Mother Appeal. What’s more, thanks to the UK government, all the money (up to £5 million) raised from the items during the appeal will be doubled.”

Since its launch in April 2012, Oxfam has received 6.9 million items of clothing thanks to Shwopping, worth £4.5 million for the charity. All money raised by Shwopping is used to support Oxfam’s projects around the world working to alleviate poverty.

Marks & Spencer and Oxfam’s Love, Mum campaign is calling on the nation to shwop their unwanted kidswear items to raise money for mothers living in poverty around the world. For more information visitwww.marksandspencer.com/shwopping.

For more information on Oxfam’s Mother Appeal visit www.oxfam.org.uk/Mother-Appeal.

– ENDS –
Contact:

For further information / interviews / images

Andrew Soar     andrew.soar@hellounity.com       020 7440 9826
Jessica Becker  Jessica@hellounity.com               020 7440 9834
Rachael Martin  rachael@hellounity.com              020 7440 9820
For further information on Marks & Spencer:

Daniel Himsworth daniel.himsworth@marks-and-spencer.com   020 8718 1618
Liz Williams          liz.williams@marks-and-spencer.com            020 8718 6369

NOTES TO EDITORS

  • Shwopping is Marks & Spencer’s revolutionary clothes recycling initiative where customers can donate any item of clothing, of any brand, to be re-used, resold or recycled by charity partner Oxfam. Launched by Plan A ambassador Joanna Lumley, M&S believes Shwopping can revolutionise clothes shopping by asking consumers to adopt a ‘buy one, give one’ mentality and encourage greater sustainability on the high street.
  • The campaign aims to put an end to the one billion items currently ending up in landfill every year.  All M&S clothing stores now accept used and unwanted items of clothing from any brand, all year round.  The ultimate aim for M&S is to collect 350 million items a year – recycling as many clothes as it sells.
  • Plan A is Marks & Spencer’s eco and ethical programme that aims to make M&S the world’s most sustainable major retailer by 2015. Launched in 2007 and extended in March 2010, it takes an holistic approach to sustainability focusing on involving customers, engaging all areas of the business and tackling issues such as climate change, waste, raw materials, health and being a fair partner.
  • Oxfam is a global humanitarian, development and campaigning organisation working with others to overcome poverty.  Oxfam is working in nearly 60 countries on a diverse range of projects, from providing emergency water sources to supporting community health projects.  Oxfam has just under 700 high street shops across the UK and Ireland and is one of the only major charity retailer to operate a textile sorting facility, Wastesaver.
  • Oxfam’s Mother Appeal celebrates mums around the world and aims to help mothers worldwide lift themselves and their families out of poverty for good. The appeal, which runs until the end of March, hopes to raise over £10 million for Oxfam’s vital work and, thanks to the UK government, every pound raised will be doubled (up to a total value raised of £5 million).*

There are lots of ways to get involved and support the appeal, whether it’s donating unwanted goods to Oxfam shops; Shwopping used or unwanted clothes in Marks & Spencer stores; holding a fundraising get together with friends and colleagues; or simply donating money via Oxfam’s website. www.oxfam.org.uk/Mother-Appeal

* Commissioned by Marks & Spencer, the survey was conducted online by OnePoll from the 25th to 27th September 2012, where a total of 1,000 UK mothers (with children between the age of one and five) were polled.

** The UK government will match the value of everything you donate to the Mother Appeal, doubling the difference you’re making. Matched funding is up to a maximum total value raised of £5 million. It covers:

  • Fundraising events taking place between 31 December and 31 March 2014 and money paid in by 31 May 2014
  • The value of items shwopped or donated to the appeal between 31 December 2013 and 31 March 2014 and sold before 30 April 2014 in participating Oxfam and M&S stores in England, Scotland and Wales
  • Cash donations between 31 December 2013 to 31 March 2014

 

Target CFO and Executive VP John Mulligan: Time for chip-enabled smartcards

Minneapolis, MN, US, 2014-2-4 — /EPR Retail News/ — The data breach that struck our company spotlighted the sophistication of criminal hacker networks operating across the globe. We know the attack created significant concerns for millions of customers. We will learn from this incident and we will work to make Target, and the wider business community, more secure in the future.

One step American businesses could now take that would dramatically improve the security of all credit and debit cards: adoption of chip-enabled smartcards.

The technology is already widely used throughout the world. For many reasons, the United States has been slow to embrace the technology at home. We need to change.

At Target, we’ve been working for years towards adoption of this technology. Since the breach, we are accelerating our own $100 million investment to put chip-enabled technology in place. Our goal: implement this technology in our stores and on our proprietary REDcards by early 2015, more than six months ahead of our previous plan.

Nothing is more important to Target than our customers. We are who we are because of their trust and loyalty. That is why it is so important to move forward with a more secure technology.

For consumers, this technology differs in important ways from what is widely used in the United States today. The standard credit and debit cards we use now have a magnetic stripe containing the customer’s information. When first introduced, that stripe was an innovation. But in today’s world, more is needed.

Chip-enabled smart cards contain a tiny microprocessor chip that encrypts transaction data shared with sales terminals used by merchants. As a result, even if the card number is stolen in a data breach, the thieves cannot counterfeit the card.

In addition, requiring the use of a four-digit personal identification number (PIN) to complete a sales transaction would provide even greater safety.To be frank, there is no consensus across the business community on the use of PINs in conjunction with chip-enabled cards. But Target supports the goal and will work toward adoption of the practice in our own stores and more widely.

Target is also investing in solutions that will make mobile transactions more secure, we hope in the near future. And we know work is needed to strengthen protections for e-commerce, an important long-term goal. In the meantime, adopting chip-enabled cards would be a clear step in the right direction.

In the United Kingdom, where smart card technology is widely used, financial losses associated with lost or stolen cards are at their lowest levels since 1999 and have fallen by 67 percent since 2004, according to industry estimates. In Canada, where Target and others have adopted smart cards, losses from card skimming were reduced by 72 percent from 2008 to 2012, according to industry estimates.

A reason the United States has been slow to embrace change is that all players in the payments system – merchants, issuers, banks and the networks – have not been able to find common ground on how to share the costs of implementation.

About 10 years ago, Target piloted an early generation of the chip-enabled technology on the Target VISA REDcard, with mixed results. Notably, the cards were much more expensive to produce and required the replacement of store card-readers. Also, the technology at that time would have only been usable in our stores, making for a confusing experience for customers, overall. After three years of going it alone, we discontinued the program.

The reported attacks on Target and Neiman Marcus underline the need to do more. If we truly want to prevent this from happening again, the business community must move together. No one company or industry can solve this challenge on its own. Strengthening consumer protection requires a coordinated response. This is a shared responsibility.

At Target, we know we have work to do. For years, we made significant investments in security. We had multiple layers of protection in place. But we still came under attack by sophisticated, global criminals. We will do everything we can to further strengthen Target’s systems. We will meet our accelerated goal for getting chip-enabled technology in place in our own stores. We will invest in protections for mobile transactions and investigate e-commerce solutions. And we hope the rest of the business community will join us in that effort.

Mulligan is chief financial officer and executive vice president for Target.

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John Mulligan

John Mulligan

 

Target accelerates smart card technology implementation to dramatically reduce the threat of credit and debit card fraud

Minneapolis, MN, US, 2014-2-4 — /EPR Retail News/ — Target Chief Financial Officer John Mulligan, in testimony before the Senate Committee on the Judiciary in Washington, D.C., announced today that the company will be accelerating its implementation of smart card technology designed to dramatically reduce the threat of credit and debit card fraud among guests shopping in its stores.

Mulligan appeared on behalf of Target to discuss the company’s response to the data breach, its efforts to protect its guests and its continued support of industry initiatives to strengthen data security.

During his testimony, Mulligan said Target will equip its proprietary REDcards and all of its store card readers in the U.S. with chip-enabled smart-card technology by the first quarter of 2015, more than six months ahead of previous plans. The accelerated timing is part of a $100 million effort to put in place chip-enabled technology in all of Target’s nearly 1,800 U.S. stores.

“Updating payment card technology and strengthening protections for American consumers is a shared responsibility and requires a collective and coordinated response. On behalf of Target, I am committing that we will be an active part of that solution,” Mulligan said.

In 2012, Target became a founding and steering committee member of the EMV Migration Forum at the Smart Card Alliance, a cross-industry body whose goal is to facilitate the adoption and use of smart card technology.

In Tuesday’s hearing, Mulligan committed to working with the business community and other stakeholders to find effective solutions to the ongoing, pervasive challenge of cyber attacks. “To prevent this from happening, none of us can go it alone,” Mulligan said.

Chip-enabled smart cards contain a tiny microprocessor chip that encrypts the transaction data shared with sales terminals used by merchants. As a result, even if the card number is stolen in a data breach, the thieves cannot counterfeit the card. Similar technology already in use in the United Kingdom, Canada and Australia has drastically reduced the incidence of fraud for consumers at physical store locations.

“At Target, we take our responsibilities to our guests very seriously, and this attack has only strengthened our resolve,” Mulligan said in his testimony. “We will learn from this incident and, as a result, we hope to make Target and our industry more secure for consumers in the future.”

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,917 stores – 1,793 in the United States and 124 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visittarget.com/corporateresponsibility.

For more information, visit Target.com/Pressroom.

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Russia’s largest retailer OJSC “Magnit” announced the results of its BOD meeting

Krasnodar, Russia, 2014-2-4 — /EPR Retail News/ — OJSC “Magnit”, Russia’s largest retailer (the “Company”, “Issuer”; MICEX and LSE: MGNT), is pleased to announce the results of the BOD meeting held on February 4, 2014.

Please be informed that on February 4, 2014 the BOD meeting was held (minutes of the BOD meeting of OJSC “Magnit” are w/o No. of February 4, 2014).

The meeting agenda:
1. Consideration of proposals for the nomination of candidates to stand for election to the board of directors, the revision commission and the counting commission of OJSC “Magnit” at the annual general shareholders meeting of OJSC “Magnit”.
2. Consideration of proposals for the nomination of candidates to stand for election as the auditor of OJSC “Magnit” at the annual general shareholders meeting of OJSC “Magnit”.
3. Approval of the related party transactions.
4. Determination of OJSC “Magnit” business priorities.
5. Determination of the position of the OJSC “Magnit” representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company.

The following BOD members were present: A. Arutyunyan, S. Galitskiy, K. Pombukhchan and A. Shkhachemukov.
V. Butenko, A. Zayonts and A. Makhnev provided their written opinions on the items of the agenda of the BOD meeting of OJSC “Magnit”.
The number of the BOD members participated in the meeting, including written opinions of V. Butenko, A. Zayonts and A. Makhnev amounts to not less than half of the number of the BOD members determined by the Charter of the Company.
Quorum to hold the BOD meeting with this agenda is present.

Content of the decisions and voting results:

Item 1.1 on the agenda:
“To include the following candidates on the list of candidates for voting at the election of the Board of directors of OJSC “Magnit” at the annual general shareholders meeting of OJSC “Magnit” convened following the close of the 2013 financial year:

Names of candidates Nationality Date of birth Passport details 
Alexander Zayonts Russian Federation 10.01.1967  Information is disclosed according to the Federal law “On Personal Data” 
Alexey Makhnev Russian Federation 24.05.1976  Information is disclosed according to the Federal law “On Personal Data” 

Votes were cast as follows:

A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.
Item 1.2 on the agenda:
“To include the following candidates on the list of candidates for voting at the election of the Board of directors of OJSC “Magnit” at the annual general shareholders meeting of OJSC “Magnit” convened following the close of the 2013 financial year:

Names of candidates Nationality Date of birth Passport details 
Valeriy Butenko Russian Federation 25.11.1965  Information is disclosed according to the Federal law “On Personal Data” 
Aslan Shkhachemukov Russian Federation 22.08.1962  Information is disclosed according to the Federal law “On Personal Data” 
Khachatur Pombukhchan Russian Federation 16.03.1974  Information is disclosed according to the Federal law “On Personal Data” 

Votes were cast as follows:
A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K.  Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

Item 1.3 on the agenda:
“To include the following candidates on the list of candidates for voting at the election of the Board of  directors of OJSC “Magnit” at the annual general shareholders meeting of OJSC “Magnit” convened following the close of the 2013 financial year:

Names of candidates Nationality Date of birth Passport details 
Andrey Arutyunyan Russian Federation 12.01.1969  Information is disclosed according to the Federal law “On Personal Data” 
Sergey Galitskiy Russian Federation 14.08.1967  Information is disclosed according to the Federal law “On Personal Data”

Votes were cast as follows:
A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

Item 2.1 on the agenda:
“To include the following candidate on the list of candidates for voting at the election of the auditor of OJSC “Magnit” in accordance with the Russian accounting standards at the annual general shareholders meeting of OJSC “Magnit” convened following the close of the 2013 financial year:

Full company name of the candidate: “Faber Leks” Audit Limited Liability Company;  State registration data: Principal State Registration Number of the issuer 1022301213197, Taxpayer Id. Number 2308052975;
Location: 144/2 Krasnykh Partizan street, Krasnodar, 350049, Krasnodar region;
Contact numbers: (861) 220-03-20, 226-41-41;
Information on membership in the self-regulatory organization of auditors: certificate as of 15.02.2010 of membership in the Non-commercial partnership “The Moscow Audit Chamber” (Order of the Ministry of Finance of the Russian Federation № 578 as of 26.11.2009 on entering data on the Non-commercial partnership “The Moscow Audit Chamber” into the state register of the self-regulatory organization of auditors), Principal Number of Registration Entry 10203002910.”

Votes were cast as follows:
A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

Item 2.2 on the agenda:
“To include the following candidate on the list of candidates for voting at the election of the auditor of OJSC “Magnit” in accordance with IFRS at the annual general shareholders meeting of OJSC “Magnit” convened following the close of the 2013 financial year:

Full company name of the candidate: “Ernst & Young” Limited Liability Company; State registration data: Principal State Registration Number of the issuer 1027739707203, Taxpayer Id. Number 7709383532;
Location: bld. 1, 77 Sadovnicheskaya embankment, Moscow, 115035;
Contact numbers: 7 495 755 9700, 7 495 755 9701;
Information on membership in the self-regulatory organization of auditors: certificate № 3028 of membership in the Self-regulatory organization of auditors Non-commercial partnership “Audit Chamber of Russia” (Order of the Ministry of Finance of the Russian Federation № 455 as of 01.10.2009 on entering data on the Non-commercial partnership “Audit Chamber of Russia” into the state register of the self-regulatory organization of auditors), Principal Number of Registration Entry 10201017420.”

Votes were cast as follows:
A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

Item 3 on the agenda:
“To approve the guarantee agreements which the Company (hereinafter – Guarantee) plans to execute in future as security for obligation of Joint-stock company “Tander” (beneficiary) (hereinafter – Borrower) to Joint-stock commercial bank “ROSBANK” (open joint-stock company) (hereinafter – Lender) under the additional agreements to the Bank account agreement №0249018/RUB as of 25.10.2007 (hereinafter – Agreement) which are the related party transactions with the following essentials: Maximum credit amount (credit limit): 175,000,000 (one hundred and seventy-five million) rubles. Deadline of indebtedness continuity (payment period of each overdraft credit): 30 (thirty) calendar days.

Term of validity of the Agreement: not more than 1 (one) year.
Credit interest rate in ruble terms: the Borrower pays interest to the Bank in the amount of MosPrime OverNight rate increased by the Bank Margin (1.8% (one point eight) percent per annum). Interest rate (including the Bank margin) cannot exceed 12 (twelve) percent per annum (“Maximum interest rate”). Credit terms, procedure of credit providing and redemption of credit amounts, interest and other payments are determined by the corresponding Agreement. Limit price (amount) of the guarantee agreement: total amount of the Guarantee obligations under the Agreement cannot exceed 371,000,000 (three hundred seventy-one million) rubles. In case of non-fulfillment of Requirements by the Guarantee, the Guarantee shall pay a penalty to the Lender within 5 (five) bank days in the amount of 3% (three percent) of the amount of the corresponding Requirement. The price of the property to the possible disposal of which the transaction is related shall not exceed 2% of the balance sheet assets value of the company determined on the basis of the accounting statement for the last reporting date.”

Votes were cast as follows:
A. Arutyunyan – “did not participate in voting”, V. Butenko – “for”, S. Galitskiy – “did not participate in voting”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

Item 4 on the agenda:
“To determine OJSC “Magnit” business priorities by means of ratification of the Plans of financial and economic activity of the Company for:
– the year 2014 (annex №1 to the minutes of the BOD meeting),
– the first quarter of 2014 (annex №2 to the minutes of the BOD meeting).”

Votes were cast as follows:
A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

Item 5 on the agenda:
“To revoke the decision of the Board of directors of OJSC “Magnit” made on December 26, 2013 on the item 2 on the agenda: “Determination of the position of the OJSC “Magnit” representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company” (minutes w/o No. of December 26, 2013) and to recommend the sole executive body of OJSC “Magnit”, which is the sole shareholder of Retail Import LLC, to make the following decision at the realization of the voting right on the Retail Import LLC shares in the charter capital owned by the Company:
“1. To terminate in advance the authorities of Dmitriy Komissarov, CEO of Retail Import LLC, to consider February 5, 2014 as the date of termination of his authorities.
2. To elect Vladimir Antonov as the CEO of Retail Import LLC for the term of 5 (five) years (information shall be disclosed in accordance with the Federal Law “On personal data”), to consider February 6, 2014 as the date of assumption of the office.
3. To execute the Employment agreement with Vladimir Antonov, to authorize Sergey Galitskiy, the representative of OJSC “Magnit”, which is the sole shareholder of Retail Import LLC, to sign the Employment agreement with the sole executive body (CEO) of Retail Import LLC on behalf of Retail Import LLC.
4. To authorize the CEO of Retail Import LLC to execute necessary operations related to the state registration of amendments to the Unified State Register of Legal Entities

Votes were cast as follows:
A. Arutyunyan – “for”, V. Butenko – “for”, S. Galitskiy – “for”, A. Zayonts – “for”, A. Makhnev – “for”, K. Pombukhchan – “for”, A. Shkhachemukov – “for”.
The decision was made.

For further information, please contact:

Timothy Post
Director, Investor Relations
Email: post@gw.tander.ru
Office: +7-861-277-4554 x7600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562

Dina Svishcheva
Deputy Director, Investor Relations
Email: Chistyak@gw.tander.ru
Office: +7-861-277-4554 x5101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562

Company description:
Magnit is Russia’s largest retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2013, Magnit operated 22 distribution centers and over 8,000 stores (7,200 convenience, 207 hypermarkets, and 686 cosmetics) in more than 1,868 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS management accounts for 2013, Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 million USD. Magnit’s local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor’s of BB. Measured by market capitalization, Magnit is now Europe’s 2nd largest retailer.

Koninklijke Ahold N.V. repurchased 1,803,253 Ahold common shares for €22.32 million between 27 and 31 January 2014

Zaandam, the Netherlands, 2014-2-3 — /EPR Retail News/ — Ahold has repurchased 1,803,253 Ahold common shares in the period from January 27, 2014 up to and including January 31, 2014.

The shares were repurchased at an average price of € 12.3775 per share for a total consideration of € 22.32 million. These repurchases were made as part of the € 500 million share buyback program announced on February 28, 2013 as increased by € 1.5 billion to a total amount of € 2 billion announced on June 4, 2013.

The total number of shares repurchased under this program to date is 74,004,300 common shares for a total consideration of € 935.50 million.

During the share buyback program, Ahold publishes a press release every Monday with a weekly update. Click here to view all the relevant information of these these weekly updates. Separate weekly press releases are available upon request. Please send an email to communications@ahold.com if you would like to receive one or more of these weekly releases.

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Sainsbury’s Bank plc now wholly owned subsidiary of Sainsbury’s

London, UK, 2014-2-3 — /EPR Retail News/ — Following the announcement on 8 May 2013 that Sainsbury’s would acquire the remaining 50 per cent shareholding in Sainsbury’s Bank plc from Lloyds Banking Group, Sainsbury’s confirms that the transaction completed on 31 January 2014.

Sainsbury’s Bank plc is now a wholly owned subsidiary of the Company and will be fully consolidated within its accounts from 31 January 2014.

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Sainsbury's Bank plc now wholly owned subsidiary of Sainsbury's

Sainsbury’s Bank plc now wholly owned subsidiary of Sainsbury’s

 

Ingles Markets reported $945.1M net sales and $9.5M net income in first fiscal quarter ended December 28, 2013

Asheville, NC, US, 2014-2-3 — /EPR Retail News/ — Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported net sales of $945.1 million for its first fiscal quarter ended December 28, 2013, 1.1% higher than last year’s first fiscal quarter. Net income totaled $9.5 million for the December 2013 quarter compared with net income of $11.6 million for the quarter ended December 2012.

Commenting on the results, Chief Executive Officer Robert P. Ingle II said, “We wanted to keep prices low for our customers throughout the holiday season. We believe these actions strengthened ties with our customers and will benefit us in the long run.”

Financial Results
Net sales totaled $945.1 million for the quarter ended December 28, 2013, compared with $935.0 million for the quarter ended December 29, 2012. For the comparable December 2013 and 2012 quarters and excluding gasoline sales, grocery segment comparable store sales decreased 0.8%, weekly customer visits increased slightly and the average transaction amount decreased slightly.

Gross profit for the first quarter of fiscal 2014 totaled $203.5 million, a decrease of $4.7 million, or 2.3%, compared with the first quarter of fiscal 2013. Gross profit as a percentage of sales was 21.5% for the first quarter of fiscal 2014 compared with 22.3% for the first quarter of fiscal 2013.

Total operating expenses were $177.4 million for the first quarter of fiscal 2014 compared with $174.8 million for the comparable fiscal 2013 quarter. Operating and administrative expenses as a percentage of sales, excluding gasoline sales and associated operating expenses, were 21.9% and 21.6% for the three months ended December 28, 2013, and December 29, 2012, respectively.

Interest expense decreased $3.8 million for the three-month period ended December 28, 2013, to $11.8 million from $15.6 million for the three-month period ended December 29, 2012. Total debt at December 28, 2013, was $925.1 million compared with $877.0 million at December 29, 2012. Interest expense decreased despite the increase in total debt due to the lower rate on Senior Notes issued in June 2013 compared with the debt that was repaid. The Company currently has a line of credit totaling $175.0 million with $14.4 million borrowed and $10.3 million of unused letters of credit issued at December 28, 2013. The Company believes its financial resources, including these lines of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.

Income tax expense as a percentage of pre-tax income was 37.5% in the December 2013 quarter, virtually unchanged from 37.4% in the December 2012 quarter.

Net income for the December 2013 quarter totaled $9.5 million compared with net income of $11.6 million for the December 2012 quarter. Basic and diluted earnings per share for the Company’s publicly traded Class A common stock were $0.44 and $0.42 per share, respectively, for the December 2013 quarter compared with $0.50 and $0.48 per share, respectively, for the December 2012 quarter.

Capital expenditures totaled $30.8 million for the three-month period ended December 28, 2013. Most of these capital expenditures were related to remodeling projects in a number of the Company’s stores and to new store construction. Capital expenditures totaled $28.1 million for the three-month period ended December 29, 2012.

Ingles’ capital expenditure plans for fiscal year 2014 include investments of approximately $100 million to $140 million.

View Unaudited Financial Highlights

The comments in this press release contain certain forward-looking statements. Ingles undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Ingles’ actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, Ingles. Factors that may affect results include changes in business and economic conditions generally in Ingles’ operating area, pricing pressures, increased competitive efforts by others in Ingles’ marketing areas and the availability of financing for capital improvements. A more detailed discussion of these factors may be found in reports filed by the Company with the Securities and Exchange Commission including its 2013 Form 10-K

Ingles Markets, Incorporated is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 203 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Company supermarkets and unaffiliated customers. The Company’s Class A Common Stock is traded on The NASDAQ Stock Market’s Global Select Market under the symbol IMKTA. For more information, visit Ingles’ website at www.ingles-markets.com.

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Wm Morrison Supermarkets plc updates on Welsh Language in Morrisons pharmacies and stores

Bradford, England, 2014-1-31 — /EPR Retail News/ — Following recent discussions around the use of the Welsh language in Morrisons pharmacies and stores, we would like to do what we can to help people who choose to use Welsh as their preferred language. We are therefore taking the following steps to enhance further the use of the Welsh language across our business:

    • We will be meeting the Welsh Language Commissioner’s Office to discuss how definitive guidance on the use of Welsh on prescriptions can be reached
    • We will be revisiting the use of Welsh on our pharmacy signage. We already use Welsh widely across our stores, and will extend this in to our six pharmacies
    • We will be extending the ‘Iaith Gwaith/Working Welsh’ badges on to our colleague name badges across all our Welsh stores, and will be keeping track of how many colleagues speak Welsh.

We recognise how important the Welsh language is to many of our customers and colleagues across the country, and we want to continue encouraging its use.

Morrisons pharmacists must always be certain that they can read and understand what is being dispensed to customers. The safety of customers is paramount and will always remain so. In the recent case at our pharmacy in Bangor however, we are sorry if the customer felt they did not receive the service they deserve on this occasion.

Background

 

On the 6th January a customer looking for medication in Morrisons Bangor did not receive it as soon as they had hoped, because the prescription was written partly in Welsh and partly in English.

Morrisons continues to stand by the actions of the pharmacist who wanted to be certain that he was dispensing the correct medication at the correct dose.

At no point was the customer turned away from a Morrisons store, and the medicine was dispensed to the customer as soon as the pharmacist received a translation from the surgery.

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Wm Morrison Supermarkets plc selects Sue Ryder as its next charity partner

Bradford, England, 2014-1-31 — /EPR Retail News/ — Morrisons colleagues have voted for Sue Ryder to be the retailer’s next charity partner. Sue Ryder won the nationwide colleague vote with 42% of the vote, beating Age UK and I CAN to secure a corporate partnership.

Sue Ryder is one of the leading national charities providing care for people with incurable illnesses and supporting families practically and emotionally. The partnership, which will see fundraising from customers and colleagues, will enable Sue Ryder to establish Morrisons “Community Clinics” making local services and care available for more families across the UK; to introduce “Morrisons Mobile Units” bringing advice and information to communities and “Morrisons Family Support Teams” supporting families emotionally and practically through terminal and incurable illness.

At the heart of the partnership is a shared belief that everyone should be able to get the care they want when they need it most, and that their families should be supported through the most difficult times. The money raised will enable us to provide thousands more people across the UK access to the best possible care at the end of their lives in a place of their choice, surrounded by their loved ones.

Sue Ryder’s Chief Executive Heidi Travis said, ‘I’d like to say a huge thank you to Morrisons colleagues for choosing Sue Ryder as their new charity partner. We’re very excited to be working with such a fantastic company, and we’re committed to supporting customers and colleagues with your fundraising every step of the way. Together, we’ll be able to give thousands of people the care they want at the end of their lives, supporting them and their families in the heart of their communities.”

Dalton Philips, Chief Executive of Morrisons said, ‘Working with Sue Ryder we want to make a real difference to families affected by terminal illness across the country. Our colleagues and customers always give so generously, and we are committed to raising millions of pounds through this partnership.”

The partnership will commence on the 2nd February following the end of Morrisons existing partnership with Save the Children UK, which has raised £7 million.

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John Lewis named ‘Official Department Store Provider’ of the Glasgow 2014 Commonwealth Games

London, UK, 2014-1-31 — /EPR Retail News/ — John Lewis has been unveiled as the ‘Official Department Store Provider’ of the Glasgow 2014 Commonwealth Games. The partnership will see the retailer provide bedding and white goods for the Athletes’ Village.

Glasgow 2014 merchandise is also available to buy on johnlewis.com now, and, later in the year, dedicated Glasgow 2014 shops will open within John Lewis’s Scottish shops, Glasgow, Edinburgh and Aberdeen.

The partnership with Glasgow 2014 also continues John Lewis’s commitment to providing unique experiences for customers. Selected my John Lewis customers will have the chance to obtain tickets to Commonwealth Games events.

John Lewis’s sponsorship of the Games builds on the success of the department store’s support of London 2012. Across the country, John Lewis’s sales of London 2012 official merchandise exceeded expectations by 25 per cent, while sales of its own-brand celebratory range, ‘Celebration of Britain’, were 44 per cent higher than expectations.

Chief Executive of Glasgow 2014, David Grevemberg, said: ‘The John Lewis brand is synonymous with strong values and great quality, making it a great fit within the Glasgow 2014 sponsor family.

‘With the support of such an excellent household name in the Official Department Store Provider category, Glasgow 2014 will continue to build towards success in what will be a truly memorable year.’

John Lewis Retail Director, Andrew Murphy, said: ‘We’ve been supporting Glasgow 2014 since the bid stage, and are delighted to continue our support by becoming the Official Department Store Provider of the Commonwealth Games. There was so much excitement around the Olympic and Paralympic Games in London, and I think Glasgow 2014 will build on this to create a true legacy for our Partners*, Scotland and wider UK.

‘We want our shops to be a central part of the celebrations: not only with the merchandise we will sell, but through some of the great events we’ve got planned for customers and Partners alike.’

Minister for Sport and Commonwealth Games, Shona Robison, said: ‘I am pleased to welcome John Lewis to the Games family, one of a growing number of Games sponsors committed to delivering the best ever Commonwealth Games. By showcasing Glasgow 2014 merchandise, John Lewis will help to build excitement and help people enjoy the Games experience.’

Councillor Gordon Matheson, Leader of Glasgow City Council, said: ‘I am delighted to welcome the announcement of another sponsor for the Glasgow 2014 Commonwealth Games. This news is all the more pleasing as John Lewis has such a strong presence in Glasgow, and will offer a great showcase for Games merchandise.’

Peter Nicolson, Commonwealth Games Scotland, said: ‘It is great news that John Lewis has joined the Glasgow 2014 sponsor family. I’m sure they will help create a fantastic Games Village environment for all the athletes, while we are really looking forward to seeing the Team Scotland merchandise in particular flying off the shelves of their Scottish stores as our home supporters gear up for the Games.’

Notes to editors
The Commonwealth Games is an international, multi-sport event involving 70 teams of athletes from the Commonwealth of Nations. The event was first held in 1930 and takes place every four years. Glasgow 2014 will be the 20th Commonwealth Games and will be held from 23 July to 3 August. It will feature 17 sports in 11 days of competition with 250 medal events on show. The Games will play host to 4,500 athletes and sell 1,000,000 tickets, with the event aided by an army of 15,000 local volunteers. Glasgow 2014 Ltd is the official name for the Organising Committee tasked with delivering the Games in partnership with the Scottish Government, Glasgow City Council and Commonwealth Games Scotland.

The John Lewis Partnership – The John Lewis Partnership operates 40 John Lewis shops across the UK (30 department stores and ten John Lewis at home), johnlewis.com, 300 Waitrose shops, waitrose.com and business to business contracts in the UK and abroad. The business has annual gross sales of over £9.5bn. It is the UK’s largest example of worker co-ownership where all 85,500 staff are Partners in the business.

John Lewis operates three Scottish department stores in Aberdeen, Edinburgh and Glasgow as well as its Hamilton Contact Centre, employing a total of 2,300 people in the country. John Lewis acquired its first Scottish shop in 1943 when it bought The Silk Shop in Edinburgh, and subsequently went on to open department stores in Edinburgh in 1973, Aberdeen in 1989 and Glasgow 1999.

John Lewis – John Lewis, ‘Retailer of the Year 2013’¹ , ‘The Nation’s Best Retailer’² and ‘Best Retailer 2013’³, typically stocks more than 350,000 separate lines in its department stores. The website stocks over 250,000 products focused on the best of fashion, beauty, home and giftware and electrical items including online exclusives. johnlewis.com is consistently ranked one of the top online shopping destinations in the UK. (www.johnlewis.com). John Lewis Insurance offers a range of comprehensive insurance products – home, car, wedding and event, travel and pet insurance and life cover – delivering the usual values of expertise, trust and customer service expected from the John Lewis brand.

¹ Oracle Retail Week Awards 2013
² Verdict Consumer Satisfaction Awards 2013
³ Which? Awards 2013

Glasgow 2014’s official partner level sponsors are Longines, SSE, Emirates, Virgin Media, BP and Ford. For more information on Glasgow 2014’s full sponsor family, please visit http://www.glasgow2014.com/games/our-sponsors

Glasgow 2014, the Commonwealth Games Federation and UNICEF are working together in an exciting partnership that will transform the lives of children in Scotland and throughout the Commonwealth. Using the power of sport and culture this unique partnership aims to inspire, enable and empower the children of the Commonwealth to be the best they can be.

The partnership between Glasgow 2014 and the Scottish Commonwealth Games Youth Trust aims to ensure SCGYT can create a Glasgow 2014 Fund to introduce a new Commonwealth-wide programme to bring young Commonwealth athletes and coaches to Scotland and to send young Scottish athletes and coaches to Commonwealth countries to build on relationships, understanding and co-operation developed in the 2014 Games and thus help to further develop and perfect sporting abilities in the spirit of the Commonwealth movement. The SCGYT Glasgow 2014 Fund will raise income in several ways including Team Scotland merchandising royalties and other Games related packages.

Enquiries
For further information, please contact:

Laura Tattam
Senior Press Officer, John Lewis
Telephone: 020 7592 5715
Mobile: 07718252536
Email: laura_tattam@johnlewis.co.uk

Kate McCheyne
Glasgow 2014 PR Manager
Telephone: 030 2014 0176
Email: kate.mccheyne@glasgow2014.com

Meijer completes the rollout of its food rescue program across the Midwest

All of retailer’s 204 stores able to support food rescue program by partnering with a local food bank

Grand Rapids, MI, US, 2014-1-31 — /EPR Retail News/ — Meijer made significant strides in its hunger relief efforts last year, completing the rollout of its food rescue program across the Midwest.

With the addition of eight food bank partnerships, the Grand Rapids, Mich.-based retailer is now able to donate quality food that would otherwise go to waste at its stores in Michigan, Ohio,  Indiana, Illinois and Kentucky, said Doug Meijer, co-chairman of the retailer.

“We are very excited about what these partnerships represent: Another way to get good food to those who are hungry,” Meijer said. “Not only are we helping with hunger relief, our program provides healthy choices to a greater number of people who rely on food banks for their meals.”

The Meijer food rescue program helps increase the total tonnage of food delivered to local food banks while ensuring that quality food doesn’t go to waste. More than 3.2 million pounds – or more than 2.6 million meals – were donated by Meijer this year to local food banks.

The eight food banks the retailer added this year to its program include:

  • Food Gatherers in Ann Arbor, Michigan
  • Gleaners Community Food Bank of Southeastern Michigan in Detroit, Michigan
  • Second Harvest Food Bank of Clark, Champaign and Logan Counties in Springfield, Ohio
  • Shared Harvest Foodbank in Fairfield, Ohio
  • Cleveland Foodbank in Cleveland, Ohio
  • Food Bank of Northwest Indiana in Gary, Indiana
  • Central Illinois Foodbank in Springfield, Illinois
  • Peoria Area Food Bank in Peoria, Illinois

“Our Meijer partnership has been invaluable as it has allowed us to reach a growing number of families in need across our service area,” said Keith Williamson, executive director of Second Harvest Food Bank in Springfield, Ohio. “It is just another valuable piece of solving the ‘hunger puzzle,’ allowing us to provide healthy choice center-of-plate protein items, as well as grains and vegetables.”

Meijer began its food rescue program in 2008 with food banks picking up fresh food – meat, cheese and select deli and bakery items – from 29 Meijer stores in southeast Michigan. It has since grown corporate-wide with all its 204 stores now able to support a rescue food bank.

Participating food banks pick up fresh food from their local Meijer store 2-3 days per week. An estimated 2,400 products are available to donate to food banks.

About Meijer Philanthropy
Meijer is a family-owned retailer based in Grand Rapids, Mich. with a fundamental philosophy aimed at strengthening the communities it serves. Meijer proudly donates more than 6 percent of its net profit each year to charities throughout the Midwest. With hunger as a corporate philanthropic focus, Meijer partners with hundreds of food banks and pantries through its Simply Give and food rescue programs. Meijer also supports education, disaster relief, and health and wellness initiatives. For additional information on Meijer philanthropy, please visit www.meijer.com. Follow Meijer on Twitter @twitter.com/Meijer and @twitter.com/MeijerPR or become a fan at www.facebook.com/meijer.

Contact: Christina Fecher, 616-735-7968, christina.fecher@meijer.com

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Albertsons to become exclusive grocery store home of Double R Ranch Beef in 32 stores in Idaho, Oregon, Nevada and Wyoming

Boise, ID, US, 2014-1-31 — /EPR Retail News/ — Albertsons and Agri Beef Co. are taking fresh to a whole new, sizzling, level. These two legendary Idaho companies have a reputation for freshness and quality that can only be earned from decades of satisfied customers. Beginning January 29, 2014, Albertsons will become the exclusive grocery store home of Double R Ranch Beef in 32 stores in Idaho, Oregon, Nevada and Wyoming.

Albertsons customers, in our Intermountain Division, will truly experience the best Idaho has to offer at their butcher blocks. Double R Ranch Beef is raised by a select group of family farmers and ranchers, many of whom live within 50 miles of an Albertsons store where their beef will be sold. They dedicate their time to exceptional animal care and environmentally sustainable practices, which translates into a premium beef experience.

Double R Ranch Beef is USDA choice, melt in your mouth good and cut fresh every day at your local Albertsons. Oh yeah, you will also find this exceptional quality beef in exclusive restaurants from Boise to Beverley Hills, but now thanks to Agri Beef and Albertsons, Double R Ranch Beef has found a home on your range.

You can get a FREE taste test on Saturday, February 1st from 11a.m. to 4 p.m. and Sunday, February 2nd from 11 a.m. to 3 p.m. at these Idaho and Jackson, Wyoming stores:

• 1650 W State St., Boise, ID
• 640 Highway 16, Emmett,ID
• 911 North Main Street, Hailey, ID
• 590 E 17th Street, Idaho Falls, ID
• 330 E Benton, Pocatello, ID
• 10700 Ustick Rd, Boise, ID
• 909 E. Parkcenter Blvd., Boise, ID
• 2400 12th Avenue Road, Nampa, ID
• 4700 North Eagle Road, Boise ID
• 3301 W Cherry Lane, Meridian, ID
• 250 S Eagle Road, Eagle, ID
• 105 Buffalo Way, Jackson, WY
• 6560 S Federal Way, Boise, ID
• 3614 W State Street, Boise, ID
• 1653 S Vista Ave, Boise, ID

Share your feedback with us on Facebook, Twitter or Instagram if you get a chance! We would love to hear what you think!

BRC Global Standards to allow audit data sharing between suppliers with new changes to its BRC Global Standards Directory

London, UK, 2014-1-31 — /EPR Retail News/ — BRC Global Standards has announced that it has made a number of technical changes to the BRC Global Standards Directory to allow BRC certificated suppliers to share audit data with other BRC certificated suppliers. Until this announcement only retailers could be given access to the audit data.

This new development means that audit sharing between suppliers is instantaneous and it allows access to the full audit report and the supplier’s certificate data. Benefits to the supplier are the immediate authentication and validation of the audit report and certificate.

Suppliers can be assured they are dealing with a recognised BRC certificated supplier as the certification body that carries out the audit is responsible for the completion of the audit and certificate information. The certification body has been approved by the BRC and follows strict rules and regulations which detail the responsibilities of the certification body and their auditors.

Suppliers are also kept up to date should any of their suppliers lose certification; an email alert is immediately sent to them. The system will automatically send instant email notification of failed, suspended, withdrawn or expired certification.

Notes to Editors:

About the British Retail Consortium (BRC)
The British Retail Consortium (BRC) is the UK’s leading retail trade association. It represents the full range of retailers, large and small, multiples and independents, food and non-food, online and store based.

About the BRC’s Global Standards
BRC Global Standards are the world’s biggest provider of safety and quality Standards’ Programs for food manufacture, packaging, storage and distribution. BRC Global Standards are generated with the help of technical specialists, retailers, manufacturers and certification bodies from around the world, so everything is based on practicality, rigour and clarity.

The BRC Global Standards certification scheme offer comprehensive support to help new and established businesses to achieve and maintain their quality and safety aims.

For more information please visit www.brcglobalstandards.com

Media Contacts:
BRC Press Office +44 (0)20 7854 8924 / +44 (0)7921 605544

British Retail Consortium director Tom Ironside comments on interchange fees

London, UK, 2014-1-31 — /EPR Retail News/ — Today, an adviser to Europe’s top court has backed long-term legal efforts to end the excessively high costs retailers pay banks to process card payments. Advocate General Paolo Mengozzi has advised that the court should “dismiss the main appeal” from Mastercard.

Tom Ironside, British Retail Consortium Director of Business and Regulation, said: “Advocate General Paolo Mengozzi has said today that the court should “dismiss the main appeal” from MasterCard. This is a common-sense result and important step towards ending the excessively high payments that retailers are charged to process card payments. At a time when Europe is debating the future of payments, this sends another clear and important indication that the time for reform has come.”

Media Contacts: BRC Press Office 020 7854 8920 Out of hours 07921 605544

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Tom Ironside BRC Director of Business and Regulation

Tom Ironside
BRC Director of Business and Regulation

 

UK retail industry sets ambitious targets for reducing its impact on the environment

London, UK, 2014-1-31 — /EPR Retail News/ —  The UK retail industry is today (Wednesday) signing up to a range of ambitious targets for reducing its impact on the environment, having beaten the previous set across all areas.

Commitments to be announced at today’s A Better Retailing Climate launch event include a collective pledge to reduce absolute carbon emissions by 25 per cent by 2020, putting the industry well on course to meet the 80 per cent overall target set by the UK Climate Change Bill.

The event at the House of Commons will also mark the launch of a new report, A Better Retailing Climate: Driving Resource Efficiency. The BRC’s A Better Retailing Climate initiative is midway through its journey, one that has already seen massive positive change. The new report sees BRC members committing to an ambitious and challenging environmental strategy – one designed to make a significant impact on the way our goods are produced, sold and used in the home. The new set of targets and commitments demonstrates that the UK retail sector is innovative, forward thinking and a true global leader in this area.

The report shows that the 25 signatories, who represent half of UK retail by turnover, exceeded all their targets for reducing waste, energy and water usage up to 2013. It also showcases what the industry is doing across a wide range of environmental areas including responsible sourcing, sustainable products and reducing water and energy usage.

In a sector first, the supermarkets signed up to the initiative have also committed to publish their data on food waste created at the retail stage, along with annual progress reports. The signatories, which include all of the major grocery retailers, already provide data on waste in the supply chain to the resource efficiency body WRAP, and are working closely with customers to help reduce food waste in the home.

Other new targets announced today include a commitment to reducing emissions from refrigeration gases by 80 per cent by 2020, and to divert less than 1 per cent of waste to landfill by the same year.

British Retail Consortium Director General Helen Dickinson said: “Retailers in the UK have made significant progress in reducing their impact on the environment. I’m delighted that the signatories are pushing themselves to achieve against even more ambitious commitments, having gone above and beyond the last set of targets.

“The strength of commitment is plain to see when you look at how much progress has been made in the last decade: for example, only 6 per cent of waste was sent to landfill in 2013, down from 47 per cent in 2005. But retailers will continue to keep this momentum going: they recognise that it makes business sense and delivers real environmental benefits as well as value for their customers.”

Owen Paterson, Secretary of State for Defra, who is speaking at today’s event, said: “This initiative has been very successful in showing how industry can reduce the environmental impact of the retail sector.

“It also highlights how it is possible to grow businesses in a sustainable way that is not only good for the environment but for the economy as well.”

Media Contacts: BRC Press Office 020 7854 8920 Out of hours 07921 605544.

Notes to Editors:

A full copy of A Better Retailing Climate: Driving Resource Efficiency is available at: www.brc.org.uk/downloads/ABRC_Driving_Resource_Efficiency.pdf

It is being launched at a lunchtime reception today, hosted by Justin Tomlinson MP, with speeches from Owen Paterson MP, Secretary of State for Environment, Food and Rural Affairs, and Ian Cheshire, BRC Chairman.

The BRC’s A Better Retailing Climate initiative was set up in 2008, and committed businesses representing the majority of the UK retail market to sector-wide green goals.

The results it reveals include:

Waste: Exceeded target. Retailers committed to reduce waste sent to landfill to below 15 per cent by 2013, with a longer term aspiration to achieve zero waste to landfill. In 2013, signatories sent 6 per cent of waste direct to landfill, down from 47 per cent in 2005.

Transport: Exceeded target. Signatories committed to reduce delivery emissions by 15 per cent by 2013 (compared with 2005 levels). In fact they achieved a 29 per cent reduction by 2013.

Buildings: Exceeded target. Signatories committed to cut energy-related emissions from buildings by 25 per cent by 2013 (compared with 2005 levels and allowing for growth), and achieved a 30 per cent reduction.

Refrigeration: Exceeded target. Signatories committed to halve emissions from refrigeration by 2013 (relative to floor space to allow for business growth), and managed a 55 per cent reduction.

Water: Exceeded target. Signatories committed to measure water-use in sites collectively anticipated as accounting for 75 per cent of water usage. In 2013, an estimated 83 per cent of water usage was measured, up from 50 per cent in 2005.

The new targets are:

Carbon (retail operations): Signatories will reduce their absolute carbon emissions from retail operations by 25 per cent by 2020 based on 2005 levels.

Resource efficiency in buildings: Signatories will cut energy-related emissions from buildings by 50 per cent by 2020, accounting for growth, compared with 2005 levels.

Refrigeration:. Signatories will reduce emissions from refrigeration gases by 80 per cent by 2020, relative to floor space. They will begin phasing out HFC refrigerants by 2015 and replace them with non-HFC refrigerants, in line with the Consumer Goods Forum Commitment.

Transport: Signatories will reduce energy-related carbon emissions from store deliveries by 45 per cent by 2020, compared with 2005 levels.

Water (retail operations): Signatories will measure water usage in sites collectively anticipated as accounting for 100 per cent of usage by 2020. They will set a reduction target when the targets are reviewed in 2015.

Retail waste: Signatories will divert waste from landfill so that less than 1 per cent of their waste is landfilled by 2010.

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Helen Dickinson BRC Director General

Helen Dickinson
BRC Director General

IKEA raised $13.6 million for UNICEF and Save the Children projects

Thank You IKEA Customers and Co-workers! IKEA US Soft Toy Campaign Raised Over $1 million

Conshohocken, PA, US, 2014-1-31 — /EPR Retail News/ — IKEA customers and co-workers have partnered with the IKEA Foundation on a $13.6 million (€10.1 million) gift for UNICEF and Save the Children projects to help realize every child’s right to a quality education.

The IKEA Soft Toys for Education annual campaign ran from November 10, 2013 to January 4, 2014. For every soft toy and children’s book sold, IKEA donated one dollar ($1.35)* to UNICEF and Save the Children to give children in developing countries access to a quality education. Since the campaign launch in 2003, The IKEA Foundation has donated $90.4 million (€67 million) to help improve the educational opportunities of more than 11 million children in 46 countries. The donations help UNICEF and Save the Children train teachers in child-friendly teaching methods, improve child protection systems, supply educational materials, and increase school attendance rates.

Thanks to this year’s donation, the IKEA Foundation will support 19 UNICEF and Save the Children projects in 18 countries. The IKEA support of UNICEF will help fund the Schools for Africa initiative in eight countries and the Schools for Asia initiative in China. Save the Children’s share will support education for children of the most marginalized groups in Asia and Eastern Europe.

“Education is the key to unlocking a brighter future for every child, especially the most vulnerable and excluded. UNICEF is grateful for its strong partnership with the IKEA Foundation, as well as IKEA’s customers and employees, as we work together to help all children receive the quality education they deserve,” said Anthony Lake, UNICEF Executive Director.

“This year marks the 20th anniversary of our long-term strategic collaboration with the IKEA Foundation. It’s also the 8th consecutive year that Save the Children is part of the IKEA Soft Toys for Education campaign. Through the IKEA Foundation’s commitment to helping vulnerable children gain access to a quality education, children of minority groups and children with disabilities—as well as their families and communities—all benefit from the proceeds of the campaign for a better and brighter future,” said Elisabeth Dahlin, Secretary General of Save the Children Sweden and Chairperson Global Lead Agency for the Save the Children and IKEA Foundation collaboration.

Thanks to this year’s donation, the IKEA Foundation will support 19 UNICEF and Save the Children projects in 18 countries. UNICEF’s share will help fund the Schools for Africa initiative projects in eight countries (Angola, Ethiopia, Madagascar, Malawi, Mozambique, Rwanda, Sierra Leone and South Africa) and one project as part of the Schools for Asia initiative in China. Save the Children’s share will support education for children of the most marginalised groups (minorities and children with disabilities) in Asia (Bangladesh, Cambodia, China, Indonesia, Myanmar, the Philippines and Vietnam) and Europe (Lithuania, Romania and Kosovo).The donations will help UNICEF and Save the Children train teachers in child-friendly teaching methods, improve child protection systems, supply educational materials in the schools, help rebuild schools, provide better water and toilet facilities, and increase school attendance rates.

Mozambique: 
In Mozambique, thanks to the IKEA Foundation’s contribution of Soft Toys for Education campaign funds, 55,000 children in 88 schools were reached with the five components of the Child-Friendly Schools approach: education; protection; water, sanitation and hygiene (WASH), health and social mobilization. Children in these schools also received physical education and were trained in important life skills (HIV awareness, awareness on gender issues, and preventing violence and sexual abuse).

South Africa: 
In South Africa, with the support from the IKEA Foundation, UNICEF supported the implementation of the Safe and Caring Child-Friendly Schools (SCCFS) programme for 198 schools not reached by development programmes outside government. This benefitted 151,000 girls and boys and 3,400 educators. Furthermore, IKEA Foundation’s support has helped over 2,500 schools register a school sports league to facilitate a participatory programme for all girls and boys, including children with disabilities.

Ethiopia: 
In Ethiopia, the funding from the Soft Toys for Education campaign has helped increase the enrollment rate of children into grade 1 of primary education, which has now reached 92%. The gross enrolment rate for pre-primary schools achieved a significant increase of 15.9 percentage points. Over one year, it went from one in 20 children to one in 5 children getting enrolled in pre-primary school. A very encouraging trend!

Romania: 
With the IKEA Foundation’s support, Save the Children runs a project in Romania which aims to reduce discrimination against the two of the most vulnerable groups of children: Roma children and children with mental health problems. Multiple stakeholders are targeted, and educational and health services will be developed for the benefit of vulnerable children and their families. Some 18,000 school children will be educated in eliminating discrimination and stigma.

Indonesia: 
In Indonesia, many children with disabilities find that their basic rights are disregarded. Thanks to support from the IKEA Foundation, Save the Children will mobilize communities, government stakeholders, and others to assist these children in attaining their right to enjoy a full and decent life. Save the Children will accomplish this by increasing the capacity of families to care for their children with disabilities and improving their access to high-quality education.

Bangladesh: 
In Bangladesh, there are approximately 7 million children with disabilities who are extremely vulnerable to violence and exploitation. Thanks to support from the IKEA Foundation, Save the Children is able to give 4,400 boys and girls with disabilities in three districts of Bangladesh improved mental and physical wellbeing through better protection. The project works with their caregivers, communities, school authorities, and children with disabilities themselves.

* One euro (approximately $1.35) is split and donated to UNICEF and Save the Children from the sale of each soft toy and children’s book.

About the IKEA Foundation
The IKEA Foundation aims to improve the opportunities for children and youth by funding holistic, long-term programs that can create substantial, lasting change, and enable them to take charge of their own future. We work with strong strategic partners applying innovative approaches to achieve large-scale results in four fundamental areas of a child’s life. Currently funded programs benefit an estimated 100 million children. Learn more at www.ikeafoundation.org

About IKEA
The IKEA vision is to create a better everyday life for the many people. Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. There are currently 305 IKEA Group stores in 26 countries. There are 38 IKEA stores in the US. In FY 13, the IKEA Group had 135,000 co-workers, 684 million visitors to the stores and 1.3 billion visitors to IKEA.com. IKEA incorporates sustainability into day-to-day business and supports initiatives that benefit children and the environment.

For more information, see IKEA-USA.com, facebook.com/IKEAUSA, @DesignByIKEA, and http://pinterest.com/IKEAUSA/.

About Save the Children
Save the Children is the leading independent organization for children in need, with programs in 120 countries, including the United States. We aim to inspire breakthroughs in the way the world treats children, and to achieve immediate and lasting change in their lives by improving their health, education and economic opportunities. In times of acute crisis, we mobilize rapid assistance to help children recover from the effects of war, conflict and natural disasters. For more information, visit www.savethechildren.org. Follow us on Twitter, at twitter.com/savethechildren, and on Facebook, at www.facebook.com/savethechildren.

About UNICEF
The United Nations Children’s Fund (UNICEF) works in more than 190 countries and territories to save and improve children’s lives, providing health care and immunizations, clean water and sanitation, nutrition, education, emergency relief and more. The U.S. Fund for UNICEF supports UNICEF’s work through fundraising, advocacy, and education in the United States. Together, we are working toward the day when zero children die from preventable causes and every child has a safe and healthy childhood. Visit www.unicefusa.org

IKEA US Contact: Mona Astra Liss, Corporate PR Director, Mona.Liss@IKEA.com, 610.834.0180 ext. 5852

Save the Children US Contact: Eileen Burke, Senior Director, Media and Communications Eburke@savechildren.org 203-221-4233

UNICEF US Contact: Andrea Sioris, U.S. Fund for UNICEF, 212.880.9136, asioris@unicefusa.org

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Target plans to open 140,000 square feet store in Kahului on the island of Maui in Hawaii

Store will employ approximately 200 new team members

Minneapolis, MN, US, 2014-1-31 — /EPR Retail News/ — Target is pleased to announce plans to open a new store in the city of Kahului on the island of Maui in Hawaii, in March 2015. The store will be located on Hookele Street as part of the Pu‘unēnē Shopping Center.  This will be the first Target store in Maui.

The Maui store will be approximately 140,000 square feet, and will offer guests the everyday essentials and exclusive brands they have come to expect from Target. In addition, the store will include a selection of fresh produce, fresh packaged meat and pre-packaged baked goods, as well as a Starbucks and a Target Pharmacy, to further enhance guests’ shopping experience.

The Maui location will employ approximately 200 team members. Target will host job fairs approximately two months prior to the new store opening, at which prospective candidates may apply and interview for open team member positions. Candidates may also apply online at Target.com/careers or at in-store kiosks located in all Target stores approximately three months prior to the new store opening.

“Target is excited about our first store on the island of Maui,” said Cary Strouse, Target’s senior vice president of stores in the Western region.  “Since opening our first store in Hawaii in 2009, we’ve created strong partnerships with the local community and delivered our ‘Expect More. Pay Less.’ brand promise to guests throughout the islands.”

Target creates strong partnerships with local organizations in all of the communities where the company does business through Target’s community giving programs. This store will start a local grant program, contribute to the United Way and donate food to a Feeding America member, or approved agency. Target also encourages team members to volunteer their time to serve the needs of their community.

About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,921 stores – 1,797 in the United States and 124 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visitTarget.com/corporateresponsibility.

For more information, visit Target.com/pressroom.

media contact

Matias Cavallin
p: (612) 240-6543

media hotline

p: (612) 696-3400
e: press@target.com

We strive to return all media calls within one business day.

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Russia’s largest retailer Magnit to hold Board of Directors meeting on February 4, 2014

Krasnodar, Russia, 2014-1-31 — /EPR Retail News/ — OJSC “Magnit”, Russia’s largest retailer (the “Company”, the “Issuer”, MICEX and LSE: MGNT), is pleased to announce the holding of the Board of Directors meeting.

On January 31, 2014 the Chairman of the Board of Directors made the decision to hold the BOD meeting on February 4, 2014 with the following agenda:

1. Consideration of proposals for the nomination of candidates to stand for election to the board of directors, the revision commission and the counting commission of OJSC “Magnit” at the annual general shareholders’ meeting of OJSC “Magnit”.
2. Consideration of proposals for the nomination of candidates to stand for election as the auditor of OJSC “Magnit” at the annual general shareholders’ meeting of OJSC “Magnit”.
3. Approval of the related party transactions.
4. Determination of OJSC “Magnit” business priorities.
5. Determination of the position of the OJSC “Magnit” representative at the exercise of the voting right on the Retail Import LLC shares in the charter capital owned by the Company.

For further information, please contact:

Timothy Post Director, Investor Relations
Email: post@gw.tander.ru
Office: +7-861-277-4554 x7600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562

Dina Svishcheva Deputy Director, Investor Relations
Email: Chistyak@gw.tander.ru
Office: +7-861-277-45-54 x5101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562

Company description:
Magnit is Russia’s largest retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2013, Magnit operated 22 distribution centers and over 8,000 stores (7,200 convenience, 207 hypermarkets, and 686 cosmetics) in more than 1,868 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS management accounts for 2013, Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 million USD. Magnit’s local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor’s of BB. Measured by market capitalization, Magnit is now Europe’s 2nd largest
retailer.

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BESTSELLER-owner Anders Holch Povlsen invests in Danish online supermarket nemlig.com

Brande, Denmark, 2014-1-31 — /EPR Retail News/ — THROUGH AN INVESTMENT COMPANY, BESTSELLER-OWNER ANDERS HOLCH POVLSEN BUYS INTO THE DANISH ONLINE SUPERMARKET NEMLIG.COM. BELOW, ANDERS GIVES A FEW COMMENTS ON THE INVESTMENT.

What are the reasons for investing in nemlig.com? 
I believe that nemlig.com can be one of the very best online retailers of fast-moving consumer goods. Their business model can prove to be more effective than traditional supermarkets’, and the company and not least their employees and management has left a very positive impression on me.

What are your plans as a major shareholder in nemlig.com? 
I see great potential for nemlig.com, and with the investment and partnership I want to contribute to securing the best possible future for the company and its employees.

Does this mean that BESTSELLER will start competing in the supermarket business? 
No. BESTSELLER is a clothing retailer, and this is a purely financial investment made through an investment company independent of BESTSELLER.

Is there a correlation with your previously online investments in Zalando, Asos etc.? 
Of course I see the online retailing business as a platform for great future potential – but the different online investments are to be seen as financial investments – they are not interrelated in any way.

Read the official press release from nemlig.com here

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Digital retailer Argos opened office in the heart of London

  • ‘Digital Hub’ to open above Victoria store
  • Opportunities for key roles to work in the growing Digital team

Milton Keynes, UK, 2014-1-30 — /EPR Retail News/ — Digital retailer Argos has opened an office in the heart of London with a focus on creating more agile and flexible ways of working and attracting new talent into the business. The office will also be used as a satellite for teams involved in the firm’s major infrastructure projects and is convenient for access to key partners and start-up communities.

Located above the store in Vauxhall Bridge Road and close to Victoria Station, roles currently being recruited include Product Managers, Development Managers, Digital Designers and Testers. Developers are also being sought and further roles will be recruited over the coming months.

Argos Digital Director, Bertrand Bodson said: “For us, this is about creating a space for collaboration and innovation. We want to unleash the entrepreneurial spirit I know to be at the heart of our business and which has meant that nearly 50% of our business now originates in a digital channel.

“We want to build on the successes we have already seen with digital initiatives such as Blippar and Digital Christmas Gift Guide and take that further. Building our agile capability is a strong boost to Argos’ transformation plans, allowing us to bring digital solutions to the market faster and in a more timely and relevant way.

Designed in partnership with the team in Habitat, the new office officially opened on 6 January, and projects are already underway.

Bodson continues “Having a base in the heart of one of the world’s leading centres of technical innovation will help us add to the great team we already have and we are keen to hear from anyone interested in joining us on this exciting journey.”

Anyone interested in finding out more about current or future opportunities should send their CV to resourcing@homeretailgroup.com quoting “Digital Careers” in the subject line.

-ENDS-

Notes to Editors:
For more information, please contact the Argos Press Office on 0845 120 4365 or email: media.relations@argos.co.uk

 

About Argos
Argos is a leading UK digital retailer, offering around 29,000 products through www.argos.co.uk, its growing mobile channels, stores and over the telephone.

Argos continues to be the UK’s largest high street retailer online with 635 million website and app visits in the 12 months to February 2013.  Argos serves around 124 million customers a year through its network of around 735 stores.

In the financial year to February 2013, Argos sales were £3.9 billion and it employed some 30,000 people across the business.

Argos is part of Home Retail Group, the UK’s leading home and general merchandise retailer.

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John Lewis Partnership to review previously announced pension scheme

Bracknell, UK, 2014-1-30 — /EPR Retail News/ — In March 2013 the John Lewis Partnership announced that it would be reviewing the pension scheme to ensure that it remains both fair to Partners and affordable over the long term. Since then there have been extensive briefings and discussions with Partners and a draft proposal has now been presented to the Partnership Council, the central democratic body of the Partnership, for its consideration.

The main elements of the draft proposal are to adopt a Defined Benefit/Defined Contribution hybrid scheme as follows:

  • to continue to offer a Defined Benefit (DB) scheme but at a reduced accrual rate for future service
  • to reinvest savings from changes to the DB portion of the scheme to extend the contributory Defined Contribution (DC) from the first three years to a Partner’s entire career
  • to increase the waiting period before joining the DB section of the scheme for new Partners from three years to five years
  • for future service, to link the pension scheme’s normal retirement age to future increases in the State Pension Age
  • to limit pension increases in retirement to the CPI measure of inflation capped at 2.5 per cent instead of RPI, for future service.

This proposal will now be developed and discussed throughout the Partnership with a final proposal expected to be voted on by the Partnership Council towards the end of 2014, in tandem with a period of statutory consultation.

Nat Wakely, Director, Pensions Benefit Review and the author of the draft review commented:

‘The John Lewis Partnership pension is a defining element of our business. We are determined that it should remain so while ensuring that the scheme is sustainable for the long term.

‘The draft proposal maintains a non-contributory Defined Benefit pension but at a reduced accrual rate which then enables the contributory Defined Contribution pension to be extended throughout a Partner’s whole career.

‘Unlike in other companies, employees and shareholders are ultimately one and the same in the Partnership. It’s for that reason that decisions on the pension benefit require the agreement of the Partnership Council, the Partnership Board and the Chairman. This ensures that Partners play a key role in determining how the Partnership continues to offer a pension that is affordable and fair.

‘It’s an important decision for current and future generations of Partners and one that our democratic structure enables us to take together.’

Triennial Valuation

The John Lewis Partnership Plc has reached agreement with the Partnership’s Pension Scheme Trustee on the terms of the triennial valuation. As at 31 March 2013 the valuation of the Company’s defined benefit pension scheme showed a deficit of £840m.; This valuation is in line with the accounting deficit already announced in March 2013. The deficit has arisen in the scheme principally due to a reduction in the interest rates used to discount the scheme’s liabilities.

The Partnership and the Trustees have agreed a 10 year plan to eliminate this deficit, which includes cash contributions of £44m a year and in addition a one off payment in January 2014 of £85m. The balance of the deficit is expected to be met by investment returns on the scheme’s assets.

Notes to editors
The John Lewis Partnership – The John Lewis Partnership operates 40 John Lewis shops across the UK (30 department stores and 10 John Lewis at home), johnlewis.com, 303 Waitrose shops, waitrose.com and business to business contracts in the UK and abroad. The business has annual gross sales of over £9.5bn. It is the UK’s largest example of worker co-ownership where all 85,500 staff are Partners in the business.

John Lewis – John Lewis, ‘Retailer of the Year 2013’¹ , ‘The Nation’s Best Retailer’² and ‘Best Retailer 2013’³, typically stocks more than 350,000 separate lines in its department stores. The website stocks over 250,000 products focused on the best of fashion, beauty, home and giftware and electrical items including online exclusives. johnlewis.com is consistently ranked one of the top online shopping destinations in the UK. (www.johnlewis.com). John Lewis Insurance offers a range of comprehensive insurance products – home, car, wedding and event, travel and pet insurance and life cover – delivering the usual values of expertise, trust and customer service expected from the John Lewis brand.

¹ Oracle Retail Week Awards 2013
² Verdict Consumer Satisfaction Awards 2013
³ Which? Awards 2013

You can follow John Lewis on the following social media channels:
www.johnlewis.com/twitter
www.johnlewis.com/facebook
www.johnlewis.com/youtube

Waitrose – Waitrose, Britain’s favourite supermarket*, has 303 shops in the UK and Channel Islands and is consistently achieving sales growth significantly ahead of the market**. Its strong performance has been driven by the success of the essential Waitrose range, Brand Price Match, an unmatchable top tier of products and free delivery for online shopping, as well as a long term commitment to sourcing the UK’s finest local and regional foods. Waitrose combines the convenience of a supermarket with the expertise and service of a specialist shop – dedicated to offering quality food that has been responsibly sourced combined with high standards of customer service.(www.waitrose.com)

* Which? Annual Supermarket Satisfaction Survey, Favourite Food & Grocery Retailer at Verdict’s annual Consumer Satisfaction Awards; Favourite Supermarket at Good Housekeeping Awards
** Kantar Worldpanel

You can follow Waitrose on the following social media channels:

www.facebook.com/waitrose
www.twitter.com/waitroseuk
www.twitter.com/waitrosewine
www.youtube.com/waitrose.

Enquiries
For further information please contact:

John Lewis Partnership
Andrew Moys
Director of Communications
Telephone: 020 7592 6292

Citigate
Dewe Rogerson
Simon Rigby/Jos Bieneman
Telephone: 020 7638 9571

S Group announced slightly over EUR 11.3 billion retail sales in 2013

S Group’s retail sales in 2013 amounted to slightly over EUR 11.3 billion. Comparable sales increased by more than one per cent year-on-year.

Helsinki, Finland, 2014-1-30 — /EPR Retail News/ — According to Taavi Heikkilä, CEO of SOK, sales developed best in the grocery trade, where growth amounted to nearly 4 per cent. Poor development of the economy in Finland was also clearly visible in the S Group’s sales, particularly in the automotive trade and consumer goods trade.

Other S Group’s business operations were close to zero in sales trends.

At the turn of the year, S-Bank had over 2.6 million customers. By the end of December, S-Bank had issued nearly 1.4 million S-Etukortti Visa cards. The amount of deposits by private customers totalled nearly EUR 2,304 million at the end of the year. Corporate deposits included, S-Bank’s total funds on deposit were nearly EUR 2,532 million at the end of the year. This showed an increase of around EUR 60 million from the turn of the year.

Co-op members were paid almost EUR 380 million in Bonus rewards

The growth in the number of co-op members of S Group cooperatives continued as 92,113 new members joined in 2013. At the end of the year, the total number of co-op members was 2,109,025. During the year, co-op members were paid a total of EUR 379.0 million in bonuses, which is the same level as a year ago.

At the end of the year, there were 1,646 S Group outlets. The number of outlets fell by 51 outlets year-on-year.

The more detailed sales figures by business area and the sales information for the SOK Corporation are available in the appendices.

S Group’s result and financial statements are published on Thursday, 13 February 2014.

Additional information:
Taavi Heikkilä, CEO, SOK,
tel. +358 10 76 80200
Jari Annala, Senior Vice President, CFO, SOK Finance and Administration,
tel. +358 (0)10 76 82040

Rite Aid reports same store sales for January 2014 increased 1.8 percent over the prior-year period

Camp Hill, PA, US, 2014-1-30 — /EPR Retail News/ — Rite Aid Corporation (NYSE: RAD) today announced sales results for January.

Monthly Sales

For the four weeks ended Jan. 25, 2014, same store sales increased 1.8 percent over the prior-year period. January front-end same store sales decreased 1.3 percent, of which 1.4 percent was attributable to a decrease in sales of flu-related over-the-counter products. Pharmacy same store sales, which included an approximate 124 basis points negative impact from new generic introductions, increased 3.2 percent. Prescription count at comparable stores decreased 2.2 percent over the prior-year period, of which 2.4 percent is attributable to a decrease in flu-related prescriptions and flu shots.

Total drugstore sales for the four-week period increased 1.5 percent to $1.943 billion compared to $1.914 billion for the same period last year. Prescription sales accounted for 69.7 percent of drugstore sales, and third party prescription sales represented 96.7 percent of pharmacy sales.

Year-to-Date

Same store sales for the 47-week period ended Jan. 25, 2014 increased 0.6 percent over the prior-year period. Front-end same store sales were flat compared to the prior-year period while pharmacy same store sales increased 0.9 percent. Prescription count at comparable stores decreased 0.2 percent over the prior-year period.

Total drugstore sales for the 47 weeks ended Jan. 25, 2014 increased 0.3 percent with sales of $22.896 billion compared to $22.826 billion for the same period last year. Prescription sales represented 67.7 percent of total drugstore sales, and third party prescription sales represented 97.0 percent of pharmacy sales.

Rite Aid is one of the nation’s largest drugstore chains. On Jan. 25, 2014, the company operated 4,588 stores compared to 4,626 stores in the like period a year ago. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at http://www.riteaid.com. Note that all sales data in this release is preliminary, unaudited and subject to revision.

Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties that are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

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Contact:

Investors: 0 0 717-975-3710, Matt Schroeder 717-214-8867 or investor@riteaid.com

Media: Susan Henderson 717-730-7766

Toys“R”Us to launch nationwide text-to-donate campaign in support of 2014 Special Olympics USA Games

In-Store and Online Awareness Program Amplifies Company’s Commitment as a Founding Partner of the 2014 Special Olympics USA Games and Seeks Customers’ Support in Helping Athletes Go for the Gold this June; Customers Invited to Text “CHEER” to 80888 to Make a $5 Donation to 2014 Special Olympics USA Games via Their Mobile Device

Wayne, NJ, US, 2014-1-30 — /EPR Retail News/ — Furthering its commitment as a Founding Partner of the 2014 Special Olympics USA Games, Toys“R”Us today announced the February 1 launch of a nationwide in-store and online awareness campaign encouraging its customers to support the athletes participating in this inspirational event. By texting “CHEER” to 80888, customers can make a $5 donation via their mobile device that will help Special Olympics athletes go for the gold at the “Games of Welcome and Acceptance” being held in New Jersey from June 14-21.

Toys“R”Us was the first Founding Partner of the 2014 Special Olympics USA Games with a $1 million grant from the Toys“R”Us Children’s Fund, a public charity affiliated with the company. The company will serve as the presenting sponsor of the first-ever Young Athletes Festival at the 2014 USA Games, which will provide opportunities for children ages 2-7, and their families, to take part in the Special Olympics’ Young Athletes Program. This inclusive, innovative play program for children with and without intellectual disabilities helps kids develop critical early cognitive, social and motor skills and introduces them to the world of sports.

“As we eagerly count down to the 2014 Special Olympics USA Games in New Jersey, we’re proud to shine a spotlight on the future stars of Special Olympics, and cheer on those who will be competing this year,” said Kathleen Waugh, Chairman, Toys“R”Us Children’s Fund. “Toys“R”Us has a long history of supporting the special needs community, and through our text-to-donate campaign we are pleased to engage our customers in supporting Special Olympics as it reveals America’s current and future champions at this summer’s USA Games.”

The Young Athletes Festival at the 2014 Special Olympics USA Games will provide a national stage to highlight the Special Olympics’ Young Athletes Program, as well as promote acceptance and respect for people with intellectual disabilities.

“From the very beginning, Toys“R”Us has been a terrific partner in helping us tell the story of what Special Olympics offers its youngest participants through the Young Athletes Program, and we’re so excited to highlight their accomplishments at the Young Athletes Festival at the 2014 USA Games,” said TJ Nelligan, Chairman & CEO of the 2014 Special Olympics USA Games. “We are grateful to Toys“R”Us for using its tremendous reach to raise awareness nationwide for this innovative program, while at the same time supporting the athletes across the country who will make their way to New Jersey this June to compete.”

Toys“R”Us Raises Awareness of 2014 USA Games In Stores Nationwide and Online

From February 1 through March 31, signage in Toys“R”Us and Babies“R”Us stores nationwide will encourage customers to text “CHEER” to 80888 to make a $5 donation via their mobile device to the 2014 Special Olympics USA Games. Donations will help more than 3,500 athletes go for the gold at the Games in New Jersey this June. The signage features three participants in Special Olympics’ Young Athletes Program – Traigh of Wisconsin, Kailani of New Jersey and Jack of Illinois – showcasing the future stars of Special Olympics.

Toys“R”Us has also developed a robust online experience at Toysrus.com/2014SpecialOlympics where visitors can “meet” Young Athletes from across the country via an interactive map and learn how the Young Athletes Program is helping kids achieve their personal goals. In addition, the site highlights the company’s partnership with Special Olympics for the 2014 USA Games, its history of supporting Special Olympics and the Young Athletes Program and its ongoing commitment to the special needs community through its Toys“R”Us Toy Guide for Differently-Abled Kids. An easy-to-use resource featuring specially selected toys that encourage play for children with physical, cognitive or developmental disabilities, this year the Guide features two Special Olympics Young Athletes on its cover, along with 2012 All-Around gymnastics gold medalist Gabrielle “Gabby” Douglas.

#CheerOnAChampion – Customers Encouraged to Share the Excitement on Social Media

Last June, Toys“R”Us began its one-year countdown to the Games by encouraging its fans and followers on social media to #CheerOnAChampion and learn about Special Olympics’ Young Athletes Program and its inspiring participants across the U.S. Throughout the coming months, the company will profile Young Athletes from various states on its official Facebook and Twitter pages, shining a spotlight on the personal goals attained every day by these determined athletes.

In addition to being a Founding Partner of the 2014 Special Olympics USA Games, Toys“R”Us will also serve as the Presenting Sponsor of the Law Enforcement Torch Run, during which more than 100 law enforcement officers and Special Olympics athletes from all 50 states will take part in a multi-day torch run leading up to the Games’ Opening Ceremony on June 15.

For more information about the campaign, please visit Toysrus.com/2014SpecialOlympics.

Charitable Giving at Toys“R”Us

The philanthropic mission of Toys“R”Us, Inc. and the Toys“R”Us Children’s Fund is to keep children safe and help them in times of need. The Toys“R”Us Children’s Fund contributes millions of dollars annually to various children’s organizations, including those providing disaster relief to victims of large-scale crises, as well as those supporting America’s military families. The Fund also provides grants to leading special needs organizations and has donated $1 million as the first Founding Partner of the 2014 Special Olympics USA Games. In addition to financial and product donations, Toys“R”Us, Inc. hosts in-store and online fundraising campaigns annually that raise millions of dollars for the company’s signature philanthropic partners.

About the 2014 Special Olympics USA Games

The 2014 Special Olympics USA Games will be hosted by New Jersey from June 14-21, 2014.  Nearly 3,500 athletes will compete in 16 Olympic-style team and individual sports with the support of 1,000 coaches, 10,000 volunteers and an estimated 70,000 family, friends and spectators.  The 2014 USA Games will celebrate the Special Olympics movement, promote the ideals of acceptance and inclusion through sport and showcase athletes from all 50 states and the District of Columbia, as they demonstrate the transformative power of sports to educate and inform others about the abilities of people with intellectual disabilities.  In addition to sports competition, the 2014 Special Olympics USA Games will highlight Special Olympics’ work in sport, education, health and communities including special events and programs such as the Opening Ceremony at the Prudential Center, Closing Ceremony at Sun National Bank Center, a Young Athletes Festival, Healthy Athletes screenings and symposiums, youth leadership and more.  Delegates will also enjoy recreational and cultural programs introducing them to the culture and history of the New Jersey/New York area.  The 2014 USA Games will be held at venues throughout the state with most of the athletic competitions taking place in and around Princeton, NJ.  Founding Partners for the 2014 Special Olympic USA Games include 21st Century Fox, Barnabas Health, HESS, KPMG, PSE&G, ShopRite, Toys“R”Us and WWE. Learn more about the 2014 Special Olympics USA Games at www.2014specialolympics.organd follow the Games on Facebook at Facebook.com/SpecialOlympicsUSAGamesand Twitter @2014USAGames.

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Media Contacts: 
Toys“R”Us, Inc.
Katie Regner
973-617-4381
Katie.Regner@toysrus.com

Jennifer Albano
973-617-5632
Jennifer.Albano@toysrus.com

 

H&M supports WWF Conservation Project in the Yangtze River basin, China

Stockholm, Sweden, 2014-1-30 — /EPR Retail News/ — H&M understands that our long-term success depends on sustainable water usage throughout our value chain, but also that water is a shared resource and a shared risk. So, one year ago H&M and WWF signed a ground breaking water partnership. Through a holistic water stewardship strategy we, side by side, strive towards new standards for the fashion industry and beyond.

“We quickly realised that both organisations share common views and want to achieve actual results. Since the launch, we have made water awareness a part of H&M’s global sustainability training for all 104,000 employees. Together we have mapped water risks for H&M’s 500 supplier factories working with wet processes and updated our routines to monitor waste water treatment. Through the partnership H&M is also supporting a WWF Conservation Project in the Yangtze River basin”, says Helena Helmersson, Head of Sustainability at H&M.

The WWF Conservation Project is working to save the Yangtze finless porpoise. The species is under severe stress and acts as an indicator for demonstrating the state of the Yangtze River’s ecosystem. Specific activities to increase the number of porpoises include improvement of sustainable fisheries and decreasing pollution from agriculture by educating cotton farmers.

“Degraded and depleted water resources, and inadequate supply and sanitation, impose impacts across society. WWF believes that actions to address these shared risks to water security require collaborative action,” said Jim Leape, Director General of WWF International. “In working together with H&M, we want to inspire a shift of the whole fashion industry towards responsible water stewardship. The aims of this partnership are high, and so are the stakes”.

What truly takes the H&M and WWF partnership beyond the beaten track is our joint work to engage stakeholders and influence governance in China and Bangladesh. Here we can take water stewardship within the fashion industry to the next level. We now have our engagement plans for China in place and implementation will start early 2014.

Together we will engage a number of local stakeholders in China, including governmental institutions, NGOs, local communities and industry associations. Common to all stakeholders is their influence and interest in water policy on different levels; regional, provincial and national. If successful, both H&M and WWF will gain valuable experience and knowhow that can be used elsewhere to ensure better water management.

With a new year ahead of us, we have a lot of exciting activities in the pipeline and we are looking forward seeing even more specific results. We are proud of the partnership with WWF, which we hope will inspire others to follow.

GLOBAL MEDIA INQURIES
Only for media representatives
Phone: +46 8 796 53 00
Email: mediarelations@hm.com

Please note the contact details above are only for media representatives. For other enquiries contact H&M’s switchboard on +46 8 796 55 00.

8 shops on Reunion Island to join the Auchan brand from January 2014

Croix, France, 2014-1-30 — /EPR Retail News/ — Groupe Auchan signed affiliation contracts for 8 shops on Reunion Island. The contracts enter into force this January.

On 28 January, 2 hypermarkets will join the Auchan brand, while 6 supermarkets will do likewise with the Simply Market brand on 29 January. The stores’ product offer and sales and promotions policies are similar to that of the brands they join and meet the expectations of local consumers. Groupe Auchan will also be ensuring the supply of part of the shops’ goods.

The 2 hypermarkets are located in Saint Louis and Saint Pierre. The 6 supermarkets are in the towns of Tampon (2), Saint Joseph, Saint Denis, Saint Gilles les Bains, and Plaine des Cafres.

The new affiliates are businesses belonging to the Thien Ah Koon family and to Mr. David Soui-Mine, well-known distribution professionals on Reunion Island.

This operation illustrates Groupe Auchan’s desire to develop new forms of partnership, in particular in the field of multi-brand retail (hypermarkets and supermarkets) both in France and abroad.

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Press Contact:
François Cathalifaud
+33 (0)1 58 65 08 10 / +33 (0)6 21 09 84 35
fcathalifaud@auchan.fr

 

Sainsbury’s 2014 voucher collection scheme launches with ambassadors David Beckham and Ellie Simmonds

London, UK, 2014-1-29 — /EPR Retail News/ — Sainsbury’s is investing millions in the return of its Active Kids scheme, to help children lead healthier, more active lifestyles. Fronted by ambassadors David Beckham and Ellie Simmonds, the 2014 voucher collection scheme launches seven months ahead of key changes to the national curriculum on cooking and healthy eating.

Over 100 new cookery and nutrition toolkits have been added to the range of sports and cooking equipment on offer as part of the voucher exchange for schools, Scouts and Guide groups and clubs. These additions will give teachers the resources they need to help children make healthier choices, encouraging interest in eating well and adding to Sainsbury’s nine year programme to get children more active.

From September, all pupils between the ages of seven and 14 are to be taught cookery as part of the new national curriculum. The Active Kids scheme and new cooking products and teacher resource toolkits, developed in collaboration with the British Nutritional Foundation and the Department of Education, will equip school children with the materials, ingredients and knowledge to learn the skills to lead healthier lives.

From Wednesday 29th January until 20th May 2014, customers can collect Sainsbury’s Active Kids vouchers when they shop at Sainsbury’s.

Justin King, Sainsbury’s CEO said: “We are excited to be launching our 10th year of Active Kids – now with even more choice – we believe it will help prepare schools for curriculum changes in September.

‘The benefits Active Kids brings to tens of thousands of schools and clubs makes us very proud. With the support of David Beckham and Ellie Simmonds, we know that in 2014 we can play a key part in helping young children understand cooking and healthy eating from a young age, as well as continuing to support local communities.”

Active Kids ambassador, David Beckham said: “Helping kids understand why being active and eating healthily is really important, which is why I am proud to announce that Sainsbury’s Active Kids collection is now open.

“There are more ways than ever for schools, groups and clubs to use their Sainsbury’s Active Kids vouchers – with loads of cooking and exercise equipment available – it’s time to get collecting.”

Active Kids ambassador, Ellie Simmonds said: “Understanding the balance between food and nutrition is something I’ve been very aware of as a young athlete. So, I’m really excited that Active Kids 2014 will help children learn more skills to get cooking as well as getting active.”

In 2013, Sainsbury’s invested over £13m in schools, groups and clubs through the Active Kids scheme, bringing the total investment to £136 million since 2005. This year, the scheme is bigger than ever with a catalogue of equipment providing groups with cookery and sporting equipment to help children live healthier lives. Sainsbury’s Active Kids launches with a new advertising campaign, fronted by ambassadors David Beckham and Ellie Simmonds, OBE from Wednesday 29th January.

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Sainsbury’s 2014 voucher collection scheme launches with ambassadors David Beckham and Ellie Simmonds

Sainsbury’s 2014 voucher collection scheme launches with ambassadors David Beckham and Ellie Simmonds

 

Sainsbury announced Mike Coupe to succeed Justin King as company’s CEO

Sainsbury’s today announces that Justin King has decided to step down in July 2014 after 10 years as CEO, and that Mike Coupe, currently the Group Commercial Director, will succeed him as CEO.

London, UK, 2014-1-29 — /EPR Retail News/ — David Tyler, Chairman said: “Justin is a truly exceptional leader, who has reshaped Sainsbury’s during his 10 years as CEO, as well as playing a leading role in the sector and wider business world. The Board thanks him for his outstanding achievements in ‘Making Sainsbury’s Great Again’. He leaves a lasting legacy, with the Company stronger than ever.

“We are delighted to appoint a CEO of Mike’s unique talent and experience as Justin’s successor to lead the next chapter of Sainsbury’s history. No one knows Sainsbury’s – or the industry – better than Mike.  He has worked hand-in-hand with Justin over the past decade and has a proven track record of success making him the natural choice to take the Company forward.”

Justin King, CEO said: “This was not an easy decision for me to make, and in truth it will never feel like the right time to leave a company like Sainsbury’s. It has been a privilege to have led the Company for the past 10 years and I am incredibly proud of our achievements in that time. It is the 157,000 colleagues that make Sainsbury’s so special and I would like to thank them for their amazing efforts over the last decade in making Sainsbury’s great again. I am confident that under Mike’s leadership the business will go from strength to strength.”

Mike Coupe, CEO designate said: “It’s an absolute honour to be appointed as the new CEO of Sainsbury’s in this, the Company’s 145th year, and at a time when thanks to Justin’s leadership, we have been consistently outperforming the market. I very much look forward to building on that success for our customers, colleagues, suppliers and shareholders.”

Notes to editors

  • Justin will stand down as CEO at the AGM on 9 July 2014
  • Mike Coupe will continue as Group Commercial Director and CEO Designate in the interim
  • John Rogers continues as Chief Financial Officer

Sainsbury’s 2004 – 2014

1. 10m additional customers a week

  • c24m transactions a week in 2014 (vs 14m in April 2005)
  • Excellent customer service winning 14 of 30 Mystery Shopper awards for Service & Availability in 2013/14 (The Grocer)
  • Supermarket of the Year 2013 (6th time in eight years – Retail Industry Awards)
  • Brand of the Year 2013 (Marketing Society)
  • FTSE100 Business of the Year 2013 (National Business Awards)

2. £9.5bn of incremental sales

  • £16.1bn in 2004/5 (vs £25.6bn for 2012/13)

3. Underlying profits almost trebled

  • £254m in 2004/5 (vs £756m 2012/13)
  • Over £600m operational cost savings since 2008/9
  • Underlying operating margin up to 3.56% in 2012/13 (from 2.15% in 2004/5)

4. Market share continuing to grow

  • 17.1% (Kantar 12 weeks to 5 January)

5. Compelling non-food business

  • 7th biggest clothing retailer in the UK by volume, 11th by value
  • 7th biggest GM retailer in the UK by value
  • Full offer in over 400 stores with 1/3rd of the population now within a 15 minute drive

6. Scale convenience business

  • Nearly 600 convenience stores now opened (596 compared to 262 in 2004/5)
  • Awarded Convenience Chain of the Year (4th consecutive year – Retail Industry Awards)

7. Strong online business

  • £1bn online grocery business with over 190,000 orders each week
  • Online Retailer of the Year 2013 (2nd consecutive year – Grocer Gold Awards)

8. Sainsbury’s Bank

  • Five consecutive years of profit growth
  • Acquisition of remaining 50% stake from Lloyds Bank Group completes on 31 January 2014

9. Values a strategic point of difference

  • Leading positions on nutritional labelling, British sourcing, Fairtrade, RSPCA Freedom Foods and MSC
  • £136m worth of Active Kids equipment donated since 2005
  • First sole-sponsor of the Paralympic Games in 2012

10. Colleagues at the heart of our success

  • Record levels of colleague engagement (as measured by our annual Talkback survey)
  • Only food retailer accredited to Gold Standard by Investors in People
  • £520m to colleagues in bonuses (2005/6-2012/13)
  • Employer of the Year 2013 (Retail Week Awards)

Remuneration

The following information is provided in accordance with section 430(2B) of the Companies Act 2006.

Justin King will receive no annual bonus or Deferred Share Award for 2014/15, and will receive no awards under the Long-Term Incentive Plan (“LTIP” – known as Value Builder or Future Builder) for 2014/15. He will remain eligible for consideration for payment of an annual bonus and Deferred Share Award for 2013/14, subject to performance over this period and determined in the normal manner after the year end.

Under the terms of his contract, Justin could be entitled to a cash severance payment of up to 175% of his base salary (worth potentially up to £1.7m) at departure. However, he has offered to waive the cash entitlement and the Remuneration Committee has therefore determined that:

  • There will be no payment in lieu of notice
  • There will be no acceleration of vesting for any share awards
  • The 2012/13 and 2013/14 Deferred Share Awards will subsist in full and will be released at the end of the deferral period.
  • The performance period for the 2011 LTIP award is due to end in March 2014, prior to Justin’s departure. This will vest in tranches during 2014 and 2015, subject to normal performance conditions
  • LTIP awards made to him in 2012 and 2013 will subsist in full and will vest at the normal date subject to normal performance conditions

This arrangement ensures that any payment to Justin is aligned with the performance of the Company following his departure; a sign of his confidence in the new management and the business’s continuing prospects.

Mike Coupe will receive a salary of £900k as Chief Executive. The overall variable incentive opportunity for the Chief Executive role will remain unchanged. However, it will be rebalanced towards the long-term award (Future Builder LTIP award). The incentive opportunity will be limited to 110% of salary for each of the annual bonus and Deferred Share Award with vesting subject to achievement of performance targets. Mike will be granted a core LTIP award under the Future Builder of 62.5% of salary with potential vesting of 0-4x (ie up to 250% of salary for achievement of stretch objectives) subject to 3-year performance targets. The changes in incentive opportunity will only come into effect from the date of promotion and so will be pro-rated accordingly in 2014/15. He will receive a pension allowance of 30% of salary. Mike’s contractual terms have been aligned with current best practice.

Further details of the operation of the Deferred Share Award and LTIP are set out in the Directors’ Remuneration Report in our Annual Report and Accounts 2012/13. Full disclosure of these remuneration arrangements will be provided in our Directors’ Remuneration Report in our Annual Report and Accounts 2013/14.