Finance & Capital Management

Bentonville, Ark. – Wal-Mart Stores said Mike Duke will retire as president and CEO, effective Feb. 1, 2014, and will be replaced by veteran company executive Doug McMillon. McMillon, 47, president and CEO of Walmart International, was also named to Wal-Mart’s board, effective immediately.

Walmart International president and CEO Doug McMillon was given the nod over Walmart U.S. president and CEO Bill Simon to succeed Mike Duke as president of Wal-Mart Stores, Inc., the company announced Monday morning.

McMillon, 47, will join the board effective immediately, and succeed Duke, 63, on February 1, when Walmart’s new fiscal year begins. McMillon’s successor will be named before the end of the fiscal year, according to the company.

CVS has named Helena Foulkes as president of CVS/pharmacy, effective Jan. 1. She succeeds Mark Cosby, who is stepping down on Dec. 31.

Cosby has led the company’s retail business since October 2011, including its more than 7,600 retail stores, 19 distribution centers and retail merchandising, supply chain, marketing, real estate, front store and pharmacy operations.

RadioShack has appointed former Belk executive Mark A. Boerio to the newly created position of SVP, inventory planning and allocation, effective Dec. 3.

He is the latest addition to the leadership team being assembled by CEO Joseph C. Magnacca as the company repositions the brand, revamps the product assortment, reinvigorates the stores, increases its operational efficiency and enhances financial flexibility.

Shopko has named retail industry veteran Peter McMahon as its new CEO.

McMahon has more than 30 years of experience in international retail. Most recently McMahon served as the COO at Loblaws. As COO, McMahon was responsible for Loblaws’ supply chain, IT, HR, labor relations, merchandising, store operations and loss prevention functions. Prior to his time at Loblaws, McMahon held senior-level positions at Walmart in Germany and Japan and Tesco in central Europe.

Greensboro, N.C. -- The Fresh Market posted weaker than expected sales and earnings for its third quarter. The upscale grocer also reduced its guidance for the year.

For the 13-week quarter ended Oct. 27, net income was up some 1.8%, to $11.1 million.

Net sales grew 13.4%, to $364.5 million. Comparable-store sales increased 3.1%.

Crest Hill, Ill. — Mid-America Real Estate Corp.’s Net Lease Investment Group recently brokered the sale of a two-tenant 88,000-sq.-ft. retail building leased to Big Lots and Home Owners Bargain Outlet in Crest Hill, Ill. A private investor in California purchased the property from a local Chicago area investor for $2.25 million.

Major retailers surrounding the property include Jewel/Osco, Ultra Foods, Food 4 Less and TJ Maxx.

New York -- Since 2009, retail sales at North America’s 205 outlet centers have increased from $19.9 billion to $27.6 billion, an increase of $7.7 billion, according to an International Council of Shopping Centers report.

Six publicly traded REITs with notable outlet center portfolios have benefited from outlet center success, according to SNL Financial. They are:

Phoenix – PetSmart reported a 12% increase in net income, to $92 million from $82 million a year earlier, during the third quarter of 2013. Total sales grew about 4%, to $1.69 billion from $1.62 billion, while same-store sales increased 2.7%.

Looking ahead, PetSmart predicts same-store sales growth of 3%-3.5% and total sales growth of approximately 3% for fiscal 2013. For the fourth quarter of fiscal 2013, PetSmart forecasts same-store sales growth of 2.5%-3.5% and a 2%-3% decrease in total sales.

Canton, Mass. – Men’s big-and-tall apparel retailer Destination XL reported a loss of $4.1 million in the third quarter of fiscal 2013, up from $1.6 million a year earlier.

Net sales dropped fractionally to $88.2 million from $88.7 million, partially offset by a 4.4% increase in same-store sales.