Research & Analysis

NEW YORK - Philip Morris Cos. announced Thursday that it will seek shareholder approval in April to change its name to Altria Group Inc. in order to distinguish the company from its tobacco business, Dow Jones reported.

FLORIDA, N.Y. - Big V Supermarkets Inc. said today that, as part of its effort to work with its creditors toward a successful resolution of its chapter 11 case, the company has entered into a term sheet with Wakefern Food Corp., which, subject to the completion of definitive documentation and approval by the bankruptcy court, is intended to form the basis of a plan of reorganization for Big V.

AUSTIN, Texas - Whole Foods Market Inc. on Wednesday reported sales and earnings for the 13-week quarter and 53-week fiscal year ended September 30, 2001. Sales for the quarter increased 21% on an adjusted basis over the prior year, slightly above the company's 15% to 20% guidance.

California grocery chain Trader Joe's has agreed to ban genetically modified ingredients from its thousands of private-label products in response to consumer pressure, the Los Angeles Times reported today.

MINNEAPOLIS - International Multifoods Corp. announced on Tuesday that it has completed the acquisition from General Mills of the Pillsbury desserts and specialty products businesses. The company paid about $304.5 million in cash for the businesses, which are expected to add approximately $500 million in annual net sales.

MONTVALE, N.J. - The Great Atlantic & Pacific Tea Company Inc. (A&P) today announced it will close 39 stores to improve operating results. A majority of the closings will take place before the end of the fiscal year (Feb. 23, 2002).

SAO PAULO, Brazil - Brazil's largest retailer Companhia Brasileira de Distribuicao (CBD), popularly known as Grupo Pao de Acucar, today finalized negotiations to acquire 100 percent of supermarket chain Supermercados ABC, Reuters reported.

ARLINGTON, Va. - The National Grocers Association announced on Thursday that George Herbert Walker Bush, the 41st President of the United States, is to be the featured speaker at the National Grocers Association's Annual Convention and Concept Show.