2 posts tagged “2008”
Retailers Post Mixed June Sales Results
New York City (July 10, 2008) Shoppers, enticed by heavy discounts and armed with rebate checks, spent more freely in June, helping to lift many retailers' sales, according to the Associated Press.
As the nation's retailers reported June sales figures on Thursday, discounters and wholesale club operators including Wal-Mart Stores Inc., BJ's Wholesale Club Inc. and Costco Wholesale Corp. reported better-than-expected figures as consumers limited purchases mainly to groceries and other necessities.
Advance Auto to Grow Minn. Operations
Roanake, Va. (July 10, 2008) Advance Auto Parts Inc. is growing its Minnesota operations, according to a report in The Roanoke Times.
The company plans to transfer 40 jobs from its headquarters to the Twin Cities.
Office Depot Opens First Green Store
Delray Beach, Fla. (July 10, 2008) Office Depot is opening in Austin, Texas its first "Green" store on Thursday.
Office Depot's "Green" store, which is pre-certified to Leadership in Energy and Environmental Design (LEED) standards by the U.S. Green Building Council, will use less energy and water in its daily operations, increase recycling and leave a much smaller overall environmental footprint than the typical store of its size.
Linens 'n Things to Shutter More Locations
Clifton, N.J. (July 10, 2008) Bankrupt retailer Linens 'n Things Inc. has asked a judge for permission to close 87 more stores, according to The Record.
The report said Linens 'n Things referenced "the decline in the housing market and the tightening of the credit markets which have led, respectively, to a decline in consumer discretionary spending," in court papers filed July 3.
Best Buy Looks to New Categories to Drive Sales
Atlanta (July 9, 2008) Best Buy Co. is looking to new product categories and business models to help it double annual sales to $80 billion over the next five years, according to a Reuters report.
Mike Vitelli, executive VP for customer operating groups, reported at an Oppenheimer Consumer Growth Conference that while Best Buy will add stores and boost its market share in mainstay categories such as computers and cell phones to drive growth, it plans to move into product areas that are outside traditional consumer electronics.
Payless ShoeSource Names President, CEO
Topeka, Kan. (July 9, 2008) Collective Brands Inc. said Wednesday that it has named retail veteran LuAnn Via as president and CEO for the Payless ShoeSource chain.
Via replaces Matt Rubel, who will continue as chairman and CEO of Topeka-based parent company Collective Brands.
Blockbuster Names Marketing Head
Dallas (July 9, 2008) Blockbuster Inc. has named Rebeca "Becky" Johnson as chief marketing officer. Johnson brings almost three decades of experience in retail marketing, branding, consumer strategies and marketing communications to her new role.
Johnson previously served Brinker International, the parent company of casual dining restaurants, as CMO and global branding officer.
Back-to-School Spending Expected Rise 5%
New York City (July 9, 2008) Consumers said they plan to spend an average of $590 on back-to-school clothes and supplies this year, according to a survey conducted by Brand Keys, a New York City-based brand and customer loyalty research consultancy.
"It appears that the current economic situation has dampened back-to-school share-of-wallet," said Robert Passikoff, president, Brand Keys. "We can only expect a 5% increase in spending this year."
Liz Claiborne Inc. Names Senior VP, CIO
New York City (July 9, 2008) Liz Claiborne announced that Evon L. Jones will join the company as senior VP and CIO, effective July 14.
Jones joins Liz Claiborne Inc. from Bausch & Lomb in Rochester, N.Y., where he was corporate VP and CIO.
Charming Shoppes CEO Resigns
Bensalem, Pa. (July 9, 2008) Charming Shoppes Inc. said Wednesday its president and CEO, Dorrit J. Bern, is resigning, effective immediately, and that it will take a charge in the second quarter related to her employment contract.
The company said its chairman, Alan Rosskamm, will serve as CEO on an interim basis. Rosskamm was formerly the chairman and CEO of Jo-Ann Stores Inc.
Wilsons Sells Outlet Stores for $22M
Minneapolis (June 9, 2008) Wilsons The Leather Experts Inc. on Tuesday said it sold its outlet stores and online retail assets to a subsidiary of sportswear and outerwear maker G-III Apparel Group Ltd. for about $22.3 million in cash, according to the Associated Press.
AM Apparel Group Inc., a unit of G-III, bought 116 outlet store locations, $18.5 million in inventory, distribution center operations, the Wilsons name and other related trademarks and trade names.
Report: Steve & Barry's May Face Bankruptcy
Port Washington, N.Y. (July 9, 2008) Steve & Barry's is expected to file for Chapter 11 bankruptcy as early as this week, according to a Wall Street Journal report.
The report, which cited people familiar with the matter, said the retail chain had been unable to raise rescue financing.
Amazon.com Offers Billing Option
Seattle (July 8, 2008) Beginning Tuesday, Amazon.com shoppers have the option to pay via the "Bill Me Later" service rather than with a credit card. In December 2007, Amazon.com announced it would make an investment in the Bill Me Later company and subsequently begin to offer the service to its customers.
The Bill Me Later network provides technologies that enable online retailers to provide payment options for shoppers who prefer not to use credit cards.
Golf Galaxy Closing Headquarters
Eden Prairie, Minn. (July 8, 2008) Specialty retailer Golf Galaxy, a subsidiary of Dick's Sporting Goods, announced it will close the Golf Galaxy corporate headquarters in Eden Prairie and relocate corporate functions to the Dick's Sporting Goods headquarters in Findlay Township, Penn.
According to the company's SEC filing, Randy Zanatta, co-founder and chief executive of Golf Galaxy, will resign his duties effective July 18.
Coldwater Creek and DSW Announce Strategic Moves
Boston (July 8, 2008) Addressing the Oppenheimer & Co. Consumer Growth Conference on Tuesday, Coldwater Creek chief executive and president Daniel Griesemer outlined a strategic path to profitability that included improved product offerings, improved operation efficiencies and a more prudent, managed approach to growth.
In addition to focusing on opportunistic leases and store openings in selective locations, Coldwater Creek will re-focus its merchandising strategy on pant-and-jacket ensembles, which account for an estimated 50% of sales.
Wal-Mart May Boost Canadian Expansion
Toronto (July 8, 2008) A Monday Bloomberg report suggested that Wal-Mart Stores Inc. may up the number of Canadian supercenters it opens in 2008.
According to a BMO Capital Markets analyst cited in the report, Wal-Mart may expand with 40 or 50 Canadian stores, with half being new supercenters and one-third from conversions of other sites to the larger format, by the end of January.
Stater Bros. to Offer $4 Generics
San Bernardino, Calif. (July 8, 2008) Grocery retailer Stater Bros. announced Tuesday that it will begin offering a 30-day supply of the most commonly prescribed drugs for $4, starting Wednesday. The company will offer a 90-day supply of those generics for $10.
Earlier this year, similar programs were announced by Kroger Co. and Safeway. On Tuesday, St. Louis-based Dierbergs Markets rolled out similar pricing on more than 350 generic medications.
Office Depot 2Q Same-Store Sales Drop 10%
Delray Beach, Fla. (July 8, 2008) Office Depot announced Tuesday that the slowing economy has driven second-quarter same-store sales down 10%.
The company also said that weakening business conditions have pushed total company sales down slightly in the second quarter.
DSW Opens Store in El Centro, Calif.
Columbus, Ohio (July 7, 2008) DSW said it will be opening a new store at the Plaza Imperial Valley in El Centro, Calif. on Thursday. The store will be the first DSW location in the Yuma/El Centro area.
The 20,000-sq.-ft. location features hardwood floors, brick walls, and accent walls marked with DSW-signature phrases. The company said modern fixtures, sleek merchandise displays and comfortable seating create a remarkable shopping experience.
RadioShack Launches Facebook Photo Application
Fort Worth, Texas (July 7, 2008) RadioShack has launched a new Facebook application called "RadioShack's MyMosaic," which allows members to create mosaics using their online photos.
RadioShack's MyMosaic creates a digital mosaic from a selected image. The image is made up of many smaller photos, forming one picture. Users can click on the mosaic and go deeper and deeper into additional image layers of the mosaic made up of their friends' profile photos.
Dierbergs Unveils Cheaper Generic Drugs
St. Louis (July 7, 2008) Dierbergs Markets plans to roll out new pricing on Tuesday for more than 350 generic medications.
Beginning Tuesday, Dierbergs customers will be able to buy 30-day prescriptions for $4 and 90-day prescriptions for $10 from a list of commonly prescribed generic drugs. Greg Dierberg, president of the 23-store chain, said the current economic climate created the right time to introduce the program, which the company began planning late last year.
Kroger Inks Deals with Ala., Tenn. Unions
Cincinnati (July 7, 2008) United Food & Commercial Workers Union members at Alabama and Tennessee Kroger stores have signed a new labor agreement with the grocery chain.
The agreement covers more than 8,500 Kroger Co. workers at more than 90 stores in Nashville and Knoxville, Tenn., and Huntsville, Ala.
Report: Strip-Mall Vacancies Hit 30-Year High
New York City (July 7, 2008) U.S. store closings and cutbacks turned the second quarter into the worst for strip-mall owners in 30 years, as consumers flocked to low-cost warehouse-style grocery centers, according to the Associated Press, citing a recent report by real estate research firm Reis.
Strip malls saw average vacancies spike 0.5% points to 8.2%, a level unseen since 1995, according to the report released on Monday.
Study: 10% of Consumers are 'Multichannel' Shoppers
New York City (July 7, 2008) A study by Experian Consumer Research found that nearly 10% of the U.S. population could be considered multichannel shoppers.
According to Experian, multichannel shoppers are those people who regularly participate in more than one method of shopping, including online, in-store, catalog, and phone order.
Ashley Judd Designs Plus-Size Clothing Line for Goody's
Knoxville, Tenn. (July 7, 2008) Goody's Family Clothing, Inc. announced that Goody's will launch a new line of clothing designed by Ashley Judd for plus-sized women. The "Ashley Judd Plus" line will be available in 150 Goody's stores beginning in August 2008.
The news follows the strong performance of Ashley Judd's current collection, which has been sold exclusively at Goody's since September 2007.
Jewel-Osco Sells 1 Million Reusable Shopping Bags
Melrose Park, Ill. (July 7, 2008) Jewel-Osco announced that it has surpassed the sale of 1 million green reusable shopping bags.
"We are seeing more and more people buying and using recyclable shopping bags," said Keith Nielsen, president of Jewel-Osco. "This is likely due to the heightened awareness about the environment and the impact of plastic bags in landfills."
Circuit City Director Resigns from Board
Richmond, Va. (July 7, 2008) Circuit City announced that its lead outside director Mikael Salovaara resigned from its board, according to the Wall Street Journal.
Salovaara, who was chairman of the nominating and governance committee in addition to lead director, resigned just one day after Blockbuster Inc. said it was withdrawing its proposal to buy Circuit City Stores Inc.
Kroger in Partnership with The Little Clinic
Cincinnati (May 29, 2008) The Kroger Co. and The Little Clinic LLC on Thursday announced a partnership aimed at bringing walk-in medical clinics and consumer-health solutions to Kroger stores across the country.The Little Clinic currently operates 26 walk-in medical clinics inside Kroger stores.
Kroger said it has made a significant investment in The Little Clinic to support a substantial clinic rollout. Financial terms of the investment were not disclosed.
Walgreens Expanding to Alaska
Deerfield, Ill. (May 29, 2008) Walgreen Co. will open its first stores in Alaska in 2009, giving the chain a presence in all 50 states, plus the District of Columbia and Puerto Rico.
The first store is planned for Anchorage, with an opening date of summer 2009. Two more locations are expected to open by the end of that year. The company is initially focusing on Anchorage and Southcentral Alaska.
Starbucks Enters Argentina
Seattle (May 29, 2008) Starbucks Coffee Co. is supporting its international expansion with its first coffeehouse in Argentina. The location is set to open Friday.
The store will be a joint venture between Starbucks Coffee International, a wholly owned subsidiary of Starbucks Coffee Co., and Operadora Internacional Alsea, S.A. de C.V., a wholly owned subsidiary of Alsea S.A.B. de C.V. The store will be located at Alto Palermo Shopping Center, one of the country's premiere shopping centers.
Costco's Profit Up 32%
Issaquah, Wash. (May 29, 2008) Costco Wholesale Corp. said Thursday that its quarterly profits jumped 32%, beating expectations. The company credits the increase to consumers who are shopping the stores to take advantage of the chain's discounts on food and gasoline.
Costco reported a net income of $295.1 million for the fiscal third quarter, compared to $224.0 million a year earlier.
Blockbuster Launches In-Store Downloads
Dallas (May 29, 2008) Blockbuster is preparing to pilot in-store kiosks that will allow customers to download movies onto their portable devices within two minutes. James Keyes, Blockbuster's chairman and CEO, revealed the test at the company's annual shareholder meeting Wednesday.
The kiosk, designed for the pilot version by NCR, allows shoppers to search and browse for downloadable films, watch trailers and buy or rent movies with a credit card or pre-loaded Blockbuster card. Over time, it will also allow them to subscribe to kiosk or other service usage.
Barnes & Noble Launches Mobile Site
New York City (May 29, 2008) Barnes & Noble introduced B&N Mobile on Wednesday. This e-commerce site (www.bn.com/mobile) is accessible via any mobile device with a Web browser. However, the application is tailored for Blackberry and iPhone users.
"Our goal is to serve customers from wherever they are, in a multitude of platforms," said B&N chief executive Marie Toulantis.
Sears Blames Slumping Sales for 1Q Loss
Hoffman Estates, Ill. (May 29, 2008) Sears Holding Corp. reported a $56 million first-quarter loss Thursday. It blamed the fact that consumers were spending more of their money to cover the rising costs of gas and food.
These factors affected all of the company's divisions. Sears store sales dropped 9.8% domestically, while Kmart stores sales slumped 7.1%. Total domestic same-store sales declined 8.6%.
Phillips-Van Heusen Shuts Geoffrey Beene Outlets
New York City (May 29, 2008) Phillips-Van Heusen said Wednesday that it will shutter the 100-unit outlet division of its Geoffrey Beene menswear brand.
Approximately 25 of the stores will be converted into Calvin Klein outlets, a brand the company also operates. These stores are expected to generate more traffic and higher profits than the Geoffrey Beene line. The remaining stores will be closed by the end of the fiscal year.
Sweetbay CEO Leaves Post
Tampa, Fla. (May 29, 2008) Shelley Broader is leaving her post as CEO of the Sweetbay Supermarket chain, effective June 15. She will be accepting a position "in retailing outside of the supermarket industry," the Delhaize-owned chain said Wednesday. Broader's successor at the 107-store Sweetbay chain has not yet been identified.
Broader, who joined Sweetbay's sister banner, Hannaford Bros., Scarborough, Maine, in 1991, had spearheaded the conversion of Delhaize's Kash n' Karry chain in Florida to the Sweetbay format during the last four years.
DSW President Rejoins Limited Brands
Columbus, Ohio (May 29, 2008) Limited Brands said Thursday that Peter Horvath is rejoining the company as executive VP of business integration, effective at the end of June. He will report to Martyn Redgrave, executive VP and chief administrative officer for Limited Brands.
In this role, Horvath will spearhead a number of operational strategies and initiatives, according to the company.
Timberland Opens Franchised Store in Brazil
Stratham, N.H. (May 29, 2008) Outdoor apparel and footwear company Timberland has opened its first franchised store in Brazil. The unit is located at Guarulhos International Airport, in Sao Paulo.
The unit is being operated by local license partner, Sao Paulo Alpargatas.The company plans to open three more shops this year. Two of them will also be through franchising.
Coach to Acquire Asian Retail Businesses
New York City (May 29, 2008) Coach Inc. said Thursday that it will acquire its domestic retail businesses in Hong Kong, Macau and Mainland China from its current distributor, the ImagineX Group. Besides giving Coach control of its distribution in this region, the company said that the acquisition will enable it to directly manage a significant growth opportunity among Chinese consumers.
There will be a phased buyout of the current Coach retail businesses in Hong Kong, Macau and China over the next year. Thibault Villet, Coach's president, Greater China, will lead the operations of these businesses.
Finlay Losses Widen in 1Q
New York City (May 28, 2008) Jewelry chain Finlay Enterprises announced Wednesday that its losses widened in the first quarter as same-store sales fell and the company's recently acquired Bailey Banks & Biddle stores failed to meet expectations.
The loss for the period ended May 3 totaled $11 million, compared with $7.6 million a year ago. Finlay closed its Parisian stores in fiscal 2007. Excluding those discontinued operations, the loss for the prior-year period totaled $7.8 million.
Target to Carry New Hayek Line
Minneapolis (May 28, 2008) Target has teamed with designer Sami Hayek-brother to actress Selma Hayek-to carry a new line of home furnishings and accessories.
Target said on Tuesday that it would launch Sami Hayek for Target, a limited-edition collection including items such as bedding, furniture and stationery.
Sears' Lampert Ups AutoNation Stake
Ft. Lauderdale, Fla. (May 28, 2008) Sears Holdings Corp. chairman Edward Lampert has brought his stake in AutoNation to about 39%, according to an article in the South Florida Business Journal.
According to Securities and Exchange Commission filings on Tuesday, Lampert bought about 521,000 shares on May 22 for between $15.44 and $16 each. He now holds about 69.6 million shares.
Tennessee Withdraws From Wal-Mart Energy Partnership
Nashville, Tenn. (May 28, 2008) After having been selected as one of 19 states to partner with Wal-Mart Stores in an energy audit program for state capitols, Tennessee announced that it has changed its mind about participating.
The announcement came from the Tennessee governor's office. According to Wal-Mart spokesman Dennis Alpert, "The governor's office notified us that they were withdrawing from the program, and that's all we know."
Borders Group Loss Narrows in 1Q
Ann Arbor, Mich. (May 28, 2008) Borders Group Inc. said its losses narrowed in the first quarter although its same-store sales fell, and Wall Street greeted Tuesday's relaunch of the bookseller's retail Web site with a sell-off of its shares.
Borders Group said it lost $31.7 million in the three months ending May 3, compared with a loss of $35.9 million for the comparable period of 2007.
Senior VP Named for Macy's Regional HQ
St. Louis (May 28, 2008) Macy's Inc. has named Betsy Zeino as senior VP, regional director of stores for the Midwest region. She will be based in St. Louis, according to the St. Louis Post-Dispatch.
Zeino, who joined Macy's in 1998, most recently served as regional VP of stores based in Houston.
Chico's 1Q Profit Falls on Economic Conditions
Fort Myers, Fla. (May 28, 2008) Chico's FAS Inc. said Wednesday its first-quarter profit dropped 73% as sales of its core apparel brand dropped and expenses increased.
The women's apparel retailer reported earnings fell to $12.7 million compared with $47.2 million a year earlier.
Polo Ralph Lauren Profit Rises
New York City (May 28, 2008) Polo Ralph Lauren Corp. reported a higher quarterly profit on Wednesday, helped by strong sales, a lower tax rate and acquisitions. Net income rose to $103.5 million in the company's fiscal fourth quarter, ended March 29, from $73.2 million a year ago.
The company, whose brands include Polo, Chaps and Club Monaco, said net revenue increased to $1.24 billion from $1.03 billion a year ago, as higher wholesale and retail sales offset a decline in licensing revenue.
Dollar Tree 1Q Profit Rises 14%
Chesapeake, Va. (May 28, 2008) Strong sales and a lower tax rate led discount retailer Dollar Tree Inc. to report Wednesday that its fiscal first-quarter profit grew 14%.
For the quarter ended May 3, net income jumped to $43.6 million from $38.1 million in the prior year quarter.
Wegmans to Expand Headquarters
Chili, N.Y. (May 28, 2008) Wegmans Food Markets is expanding its corporate headquarters in Chili, N.Y. The company has made an application to be heard at the town's upcoming planning-board meeting.
The plan calls for creating a 400,000-sq.-ft. office building at their Fisher Road location. If approved, 600 to 800 current employees could relocate to the new facility, with plans to expand by 200 to 300 new positions in the coming years.
American Eagle Profit Falls
New York City (May 28, 2008) American Eagle Outfitters said on Wednesday quarterly net profit fell, hurt by greater markdowns resulting from lower-than-expected sales.
The company said net profit in the first quarter was $43.9 million compared with $78.8 million a year earlier. As previously disclosed, sales rose 5% to $640.3 million in the quarter, which ended on May 3, but same-store sales fell 6%.
Big Lots Names Exec
Columbus, Ohio (May 27, 2008) Big Lots announced on Tuesday the appointment of Christopher Chapin as senior VP of store operations, effective immediately. Chapin will report to CEO Steve Fishman and will oversee store standards, field operations, customer service, process development and program implementation for the company's 1,300+ closeout retail stores in 47 states.
Previously, Chapin was with Limited Brands as VP/store operations and YUM Brands as national director of operations.
Save Mart Names COO
Modesto, Calif. (May 27, 2008) Save Mart Supermarkets on Monday appointed Steve Junqueiro COO of the chain.
The company also named Mike Silveira chief administrative officer, and Steve Ackerman acting CFO.
Sears to Partner with LL Cool J
Hoffman Estates, Ill. (May 27, 2008) Sears Holdings said Tuesday it plans to launch in its Sears stores an exclusive apparel line by the rapper and film celebrity LL Cool J.
Irv Neger, senior VP, apparel, Sears Holdings Corp. said the move is part of "an ongoing commitment to increase our relevance in the apparel industry, and bring fashions to our customers that are both on-trend and affordable."
Gap Integrates Web Sites
San Francisco (May 27, 2008) The Gap Inc. announced Tuesday it would integrate its four Web sites-Gap, Banana Republic, Old Navy and Piperlime-in order to allow the company's customers to move more freely among the brands' sites.
As part of the integration, customers will fill one virtual shopping bag and pay just one shipping fee. Until now, shoppers had to visit the company's four concept sites separately to make purchases.
Mistrial Denied to Former CVS Execs
Woonsocket, R.I. (May 27, 2008) A judge has denied a mistrial for two former CVS executives, the company said on Tuesday. The judge, presiding in the federal corruption trial of Carlos Ortiz and John R. Kramer-former VPs who are accused of paying former state senator John Celona to advance CVS's legislative agenda-formally denied the mistrial but will allow defense lawyers to question the government's star witness again about what they believe were his lies under oath.
Lawyers for Ortiz and Kramer have argued that Celona offered false testimony last week that contradicted previous statements he made before a grand jury investigating the case and at an earlier corruption trial.
A&F in Anti-Counterfeiting Raids
New Albany, Ohio (May 27, 2008) Abercrombie & Fitch announced on Tuesday that the company has embarked on a series of search-and-seizure efforts throughout Ireland, as part of its global anti-counterfeiting initiative.
During the last few months, the company said numerous raids have been conducted, including several within Dublin. The retailer indicated that shops across the Irish capital will receive cease-and-desist letters notifying owners they are selling fakes illegally.
Cato Details Expansion
Charlotte, N.C. (May 27, 2008) The Cato Corp. will add 40 new Cato stores and 30 new It's Fashion units this year, company chairman, president, and CEO John Cato said during the company's annual shareholders' meeting.
"Our plans for this year are to accelerate It's Fashion store openings primarily through the development of our It's Fashion Metro concept," Cato said.
Macy's Expands CE Kiosks
New York City (May 27, 2008) Macy's announced the rollout of its consumer-electronics kiosk units to more than half of its full-line department stores around the country. The announcement comes on the heels of a two-year pilot with ZoomSystems.
Macy's new e-Spot automated shops offer the latest consumer electronics with touchscreen technology that processes the transaction and completes the sale. The machines will offer widely demanded brands including Apple, Sony, Canon and MyVu.
Vons Enters Small Store 'Market'
Long Beach, Calif. (May 27, 2008) Vons has launched a new concept store The Market in Southern California.
Vons said that it had been working on the format for more than a year, according to the OC Register. The Market opened a 15,000-sq.-ft. location in Belmont Shore and offers a scaled-down selection of groceries and a large variety of ready-to-eat meals.
Borders to Offer E-Commerce After Seven Years
Ann Arbor, Mich. (May 27, 2008) Borders Group is jumping back into online retailing with a Web site after a seven-year partnership with Amazon.com. The new site is designed to evoke the feeling of browsing at a neighborhood bookstore.
Tuesday's launch of Borders.com comes more than two months after Borders announced it might put itself up for sale. Just last week, Barnes & Noble Inc. confirmed it put together a team to study the feasibility of a deal. But Borders Group Inc. president and CEO George Jones told the Associated Press that pushing forward with Borders' return to Web retailing is key-regardless of whether a sale materializes.
Impairment Charge Hurts Foot Locker 1Q Results
New York City (May 23, 2008) Foot Locker Inc. on Thursday said fiscal first-quarter profit fell, hurt by an impairment charge and nearly flat sales. Profit for the quarter ended May 3 fell 82% to $3 million compared with $17 million a year ago. Sales were nearly flat at $1.31 billion.
The impairment charge is related to a note receivable due from the purchaser of the company's former Northern Group operation in Canada, which the company sold in 2001.
S&P Names CVS Drug Store of Choice
New York City (May 23, 2008) Standard & Poor's has named CVS the drug store of choice, citing the chain's growth opportunities in retail and pharmacy benefit management. As reported in BusinessWeek, S&P said that it believes CVS Caremark is "well positioned for market-share gains, following the acquisition of Caremark Rx in March 2007, and the continued turnaround of recent drug store acquisitions."
S&P also said that it has a positive outlook on the future of the U.S. drug store industry, as an aging population will mean an increase in demand for prescription medications.
Books-A-Million 1Q Profit Drops, Cuts Jobs
Birmingham, Ala. (May 23, 2008) Books-A-Million Inc. reported that its net income dropped by more than 57% in the first quarter of 2008.
Net income for the company's first quarter dropped to $900,000 compared to $2.1 million in its first quarter last year.
Giant Eagle Expands Generic Drug Program
Pittsburgh (May 23, 2008) Giant Eagle Inc. said Thursday that, effective immediately, it will begin offering a 90-day supply of more than 400 generic drugs for $10. The program is available at 205 Giant Eagle pharmacy locations in Pennsylvania, Ohio, West Virginia and Maryland.
The program expands on Giant Eagle's success in offering 30-day supplies of some 400 generic drugs for $4, launched in November 2006.
Kroger Extends Gas Discounts
Cincinnati (May 23, 2008) Kroger Co. has expanded its gas discount program across its regions.
Most of the regional fuel-discount programs in the Kroger Co.'s chain give regular shoppers 10? off per gallon at company gas stations for every $100 they spend in a Kroger store. But the programs previously weren't carried over between regions, so a vacationing shopper at a Kroger-owned Ralphs store in California, for instance, didn't get the spending credit for the discount back home in Cincinnati.
Report: Consumers View Economy in Worst Condition
Columbus, Ohio (May 23, 2008) About 3 in 5 Americans (62.3%) believe the economy is in the worst shape they have experienced in their lifetime, according to the May American Pulse Survey.
About 77.1% of Democrats and people between 18-34 years old (65.8%) are most likely to echo this sentiment, the report said.
Dillard's 1Q Profit Drops 94%
New York City (May 23, 2008) Dillard's Inc. said Thursday its fiscal first-quarter profit tumbled 94% on a sharp decline in same-store sales, fueled by a weak economic environment.
For the period ended May 3, the company reported income of $2.7 million compared with $42.9 million in the year-ago quarter.
