Finance & Capital Management

Woonsocket, R.I. -- CVS Caremark and Cardinal Health have entered into an agreement to form the largest generic sourcing entity in the United States.

Both companies are contributing their sourcing and supply chain expertise to this 50/50 joint venture and are committing to source generic drugs through it. The companies separately announced a three-year extension through June 2019 of Cardinal Health's existing pharmaceutical distribution agreements with CVS Caremark.

Currently president and CEO of Walmart's Europe, Middle East and Africa (EMEA) and Canada region, David Cheesewright has been promoted to president and CEO of Walmart International, the company's second largest operating segment.

Cheesewright will report to Doug McMillon, who was tapped to succeed Mike Duke as the company's president and CEO. Both assume their new roles Feb. 1, 2014. Cheesewright's successor will be named at a later date.

Bentonville, Ark. – Wal-Mart Stores named David Cheesewright, 51, as the new president and CEO of Walmart International. He succeeds Douglas McMillon, who is set to become the chain’s CEO, the retailer's top executive. Both assume their new roles on Feb. 1, 2014.

Winston-Salem, N.C. -- Krispy Kreme plans to open its first store in Taiwan on Dec. 12. The new 2,400-sq.-ft. store will be located in Taipei and is the first of 10 planned Krispy Kreme stores in Taiwan during the next five years by Krispy Kreme's new franchise partner, Huan Hsin Co., Ltd.

The opening was initially announced to fans of the Krispy Kreme Taiwan Facebook page, and the retailer is giving away more than 10,000 dozen doughnuts at local events throughout Taipei.

Burlington, N.J. – Burlington Coat Factory shrunk its net loss to $7.4 million from $16.8 million during the third quarter of fiscal 2013, compared to the same period a year earlier.

The retailer also increased net sales 10% to $1.06 billion, from $967.9 million.

Burlington said the net sales increase was primarily attributable to a $53.2 million increase in sales related to new stores and stores previously opened that are not included in same-store sales, and a $37 million, or 3.9%, increase in same-store sales.

At Michaels, a higher gross profit, partially driven by improved merchandise margin, helped to increase its net income for the third quarter ended Nov. 2.

The company’s net income during the quarter soared 66%, rising to $58 million from $35 million in the prior-year quarter. Net sales grew 10%, to $1.1 billion from $1.01 billion. Meanwhile, same-store sales increased 7.9%, driven by a 3.9% increase in transactions and a 3.8% increase in the company's average ticket in addition to a 20 basis point positive impact from deferred custom framing revenue.

Boca Raton, Fla. -- Office Depot has selected Boca Raton, Fla., for its global headquarters rather than the Naperville, Ill., corporate home of its merger partner OfficeMax.

Lululemon has named former Toms president Laurent Potdevin as the company’s CEO and elected him to its board of directors. Potdevin succeeds Christine Day, who has served as the company’s CEO since 2008 and announced her intention to resign in June 2013.

Potdevin will become a director when he assumes his duties as CEO in January 2014. Day is expected to remain with Lululemon through the end of the company’s fiscal year to ensure a smooth transition.