Finance & Capital Management

Woonsocket, R.I. – CVS/pharmacy launched its entrance into the Seattle market with the grand opening of a new location in the city of Renton, the first CVS/pharmacy in the state of Washington. In addition to the new store in Renton, the company will open two more Seattle-area stores in 2014 and will open its first store in the city of Seattle next summer.

With its entrance into Seattle, CVS/pharmacy now has a presence in all 20 top drugstore markets in the U.S. The Renton store is one of the first tobacco-free CVS locations in the U.S.

Travis Smith is stepping down as Jo-Ann Fabric and Craft Stores’ president and CEO, effective immediately — a role he was promoted to January 31, 2010.

The board of directors is undertaking a comprehensive search to find his replacement. Until then, Jim Kerr, the company’s EVP and CFO, will serve as interim CEO of the company, while continuing in his current role. Kerr will partner with Riddi Kline, EVP of marketing and merchandising, and Tom Williams, EVP of operations and human resources, to manage the business.

San Antonio – Motor fuel and convenience store operator CST Brands Inc. reported net income of $32 million in the second quarter of fiscal 2014, down 22% from $41 million in the second quarter of the prior fiscal year. Until May 1, 2013, CST was still a wholly owned subsidiary of Valero and, as such, second quarter 2013 results do not include all of the expenses associated with being a public company.

Littleton, Mass. – Net income at Dover Saddlery Inc. for the second quarter decreased 26% to $261,000, compared to $355,000 achieved in second quarter 2013. Higher selling, and general and administrative expenses helped cut the net income total.

Dover Saddlery is planning to open four-to-six retail stores in 2014. Until there is greater long-term visibility on sustainable economic conditions and consumer behavior, the company is not providing guidance on other business prospects.

Austin, Texas -- Market Basket Grocery Stores, a privately-owned grocer with 34 full-service supermarkets in the East Texas and Louisiana region, has renewed and expanded their agreement for Revionics Life Cycle Pricing Optimization. They expanded the agreement to also include Revionics Advanced Analytics services, such as the Key Value Item (KVI) Analysis, which will enable them to leverage science to better align their KVIs with shopper behavior and the competitive landscape.

Unprecedented volatility and declining milk volumes caused leading dairy supplier Dean Foods to report a second quarter loss and suspend full year guidance.

Sales increased to 9% to $2.4 billion, but the company reported an adjusted loss of $13 million, or 14 cents a share, compared to a prior year adjusted profit of $24 million, or 26 cents a share.

By Breton Leone-Quick and Steve Ganis

New York -- The latest SpendingPulse report from MasterCard showed that U.S. retail sales rose 4.6% year-over-year in July, the largest year-over-year gain since October 2012.

Lodging, Airlines and Restaurants were among the top categories for U.S. retail sales last month, while Automotive, Grocery and Luxury items (excluding Jewelry) were less sought after by consumers.