Finance & Capital Management

Woonsocket, R.I. – CVS Caremark Inc. beat Wall Street estimates with net income of $1.2 billion in the second quarter of fiscal 2014, up 11% from $1.1 billion in year-ago period. CVS cited increased generic drug dispensing rates and favorable Medicaid reimbursement from the state of California as aiding net income results.

Baltimore -- Under Armour announced that George W. Bodenheimer, former president of sports network and entertainment company ESPN has joined the company's board of directors.  

Bodenheimer is an ESPN and cable industry pioneer, having served as the company's longest-tenured President from 1998 to 2012, during which time he led an unprecedented period of global growth. He most recently served as executive chairman of ESPN, before retiring from the company in May 2014.

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."
 

GNC has appointed senior retail industry executive Michael G. Archbold as CEO and member of the board, effective immediately. Archbold replaces chairman, president and CEO Joseph Fortunato, who is leaving the company and has stepped down from the board.

Lead independent director Michael Hines has been elected non-executive chairman.

Deerfield, Ill. – Same-store sales at Walgreen Co. rose 5.2% in July. Walgreens had July sales of $6.39 billion, an increase of 6.1% from $6.02 billion for the same month in fiscal 2013.

Total front-end sales increased 1.4% in July compared with the same month in fiscal 2013, while same-store front-end sales increased 1.1%. Same-store customer traffic decreased 2.6% while basket size increased 3.7%.

Boca Raton, Fla. – Office Depot has raised its full-year adjusted operating income forecast as cost savings from the closure of some U.S. stores related to its acquisition of OfficeMax are expected to be higher than previously anticipated. As previously announced, Office Depot plans to close at least 400 stores by the end of 2016, with about 165 closures in 2014.

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.  

North Bergen, N.J. – Vitamin Shoppe Inc. reported net income of $16.9 million in the second quarter of fiscal 2014, down 8% from $18.3 million in the same quarter a year earlier. Expenses related to Vitamin Shoppe’s March 2013 purchase of Super Supplements chain helped reduce the retailer’s net income.