Finance & Capital Management

DEERFIELD, Ill. — Walgreens on Wednesday posted a 7.8% decline in its September sales to nearly $5.5 billion, compared with $5.9 billion for the same month in fiscal 2012.

OAKLAND, Calif. — Ecologic Brands, makers of America’s first molded paper bottles, has named Alan Murray, CEO of NextFoods and Dr. Steve Miller, chief innovation catalyst at P&G, to its advisory board.

Family Dollar said it would open 500 new stores next year following the release of record sales and profits on Wednesday morning.

3M has announced a realignment of its major business groups to better serve global markets and customers, effective immediately.

The new structure will be comprised of five business groups: Consumer (2011 sales of $4.2 billion), Industrial ($9.6 billion), Health Care ($5.0 billion) and two newly formed business groups: Safety & Graphics ($5.5 billion), and Electronics & Energy ($5.7 billion). Previously, the company operated six segments.

In case you missed it, Retailing Today published its annual Insights 2013 issue recently and while Target is currently the nation’s sixth largest retailer that position is likely to change in 2013.

It is conceivable Target could become the nation’s fourth largest retailer by this time next year, overtaking both Home Depot and Walgreens.

London -- British retailer Tesco reported Wednesday that profit dropped 6.8% in its first fiscal half to $2.06 billion, weighed down by costs associated with its turnaround strategy.

Revenue for the period inched up 1.6% to $51.9 billion, but costs were up as well for the world’s third-largest retailer. Same-store sales fell off 0.7%.

"The plan is a long course of treatment for us, not a single dose," new CEO Philip Clarke said of the turnaround plan.

Dallas -- Corner Bakery Café said Wednesday it has named Gary Price as president of the chain.

Denver -- Regional chain The Running Specialty Group announced Wednesday it has acquired five Dallas-based Run On! stores, bring the total number of stores to 24.

RSG is a joint venture between The Finish Line and private-equity firm Gart Capital Partners.

Plans call for RSG to begin expanding in Texas and surrounding areas over the next five years.

Deerfield, Ill. -- Walgreens reported Wednesday that total sales for the month of September fell 7.8% to $5.48 billion. Front-end sales dipped 0.4% and same-store sales for the front decreased 1.5%.

Customer traffic fell off 2.3% in September, but the biggest factor in the slowed performance was the 10.3% decrease in same-store prescription sales for the month.

Overall, same-store sales dropped 11.1%.
 

Brisbane, Calif. -- Fashion retailer Bebe reported Wednesday that total sales for the first quarter fell 9.4% to $105.1 million. Same-store sales dropped 8.7%, missing expectations of a more moderate 6.8% decline.

The 250-store chain has officially launched a search for a new CEO, announcing on Wednesday it has retained Russell Reynolds Associates to lead the effort. Former CEO Gregory Scott resigned the post in January 2009, and founder Manny Mashouf has been serving in an interim capacity since that time.