Finance & Capital Management

As today’s healthcare market continues to evolve, CVS Caremark’s portfolio of enterprise assets is enabling the company to provide innovative solutions and products that are delivering results, as evidenced by its “strong” second-quarter results released Tuesday morning.

Under Armour’s newest board member is former ESPN president George Bondenheimer.
 
"We are excited to have George Bodenheimer joining our board," Under Armour CEO and chairman Kevin Plank said "His pioneering vision and his experience building and leading a global sports media brand will bring important perspective and expertise to our company as we continue to expand the UA brand globally."
 

Just a few days after naming a new CEO, Target issued a preliminary update on its second-quarter expenses related, in part, to the December 2013 data breach.  

St. Louis -- Panera Bread Company announced that Roger Matthews, executive VP and CFO, has resigned his position to pursue other opportunities.

Effective Aug. 6, Bill Moreton, executive vice chairman of Panera Bread, will serve as interim CFO as the company conducts a search for a full-time replacement. Moreton has previously held the positions of CEO, co-chief executive officer and CFO of Panera Bread. Matthews will transition his remaining duties through the end of August.

Target Corp. is running a Q&A with its new chairman and CEO, Brian Cornell, on its in-house, behind-the-scenes blog, A Bullseye View. The interview was conducted by the Bullseye View team.

You are the first CEO who has been hired from outside of Target. What are the benefits of coming in from the outside? What will be some of the challenges?

Sandra Gudat, President & CEO, Customer Communications Group

Retailers often have trouble balancing their overall promotions plan with offers and discounts for their loyalty program. In fact, it may be enough of an issue that they keep loyalty as an independent P&L entity, or even steer clear of loyalty altogether to avoid the problem. After all, every retail business is about profit, and adding another layer of promotional discounts into the mix could be seen as a threat to the bottom line.

Lakeland, Fla. – Net earnings at Publix Super Markets slightly increased to $404.1 million in the second quarter of fiscal 2014 from $400.1 million in the year-ago period.

Net sales rose about 7% to $7.5 billion from $7 billion, aided by the shift of the Easter holiday to the second quarter of the current fiscal year from the first quarter of the previous fiscal year. Same-store sales rose 6.3%.

Asheville, N.C. – Ingles Markets Inc. swung to a profit of $13.83 million in the third quarter of fiscal 2014 from a net loss of $14.42 million in the third quarter of the prior fiscal year. The elimination of debt refinancing costs from the previous fiscal year helped push Ingles Markets into the black.

Net sales rose 5% to $978.26 million from $934.01 million. Same-store sales increased 2.1%, benefiting from an Easter shift to the third quarter of fiscal 2014 from the second quarter of the previous fiscal year.

New York -- Michael Kors Holdings Ltd’s first-quarter net income surged 50% amid strong sales overseas. The luxury retailer earned a better-than-expected $187.7 million for the three months ended June 28, up from $125 million from a year ago.

Net sales jumped 44% to $887 million. Total revenue — which includes licensing revenue — climbed 43% to $919.2 million. Global same-store sales for the quarter rose 24.2%.

Deerfield, Ill. — Walgreens on Monday named Timothy McLevish as Walgreens executive VP and CFO, effective immediately. He will lead all of Walgreens' finance functions as the company prepares to move forward with the proposed second step of its strategic partnership with Alliance Boots.