Finance & Capital Management

Olympia Sports announced that, effective Sept. 1, Dick Coffey, president, will be retiring.  Coffey has served Olympia Sports for more than 35 years, and for the last 12 years he has served as president. He will continue to be involved after his retirement as a member of the company’s board of directors and will consult on new store growth.

The company has named Ed Manganello, general merchandise manager, as our new president effective Sept. 1.  Manganello started his career with Olympia in 1992.

Johannesburg, South Africa -- A Tuesday report by Bloomberg said that hearings on a Wal-Mart Stores bid to acquire control of Massmart Holdings Ltd. will be adjourned to May 9, following an earlier announcement on Tuesday that the hearings would proceed this week.

After announcing that it will hear evidence from labor unions and Wal-Mart and Massmart this week and from the government on May 9 and May 10, South Africa’s Competition Tribunal now say the hearing has been adjourned to May 9.

The nation’s capital tops a list of the healthiest retail markets for 2011. The ranking, “ChainLinks/Terranomics Retail Power Rankings for 2011,” is based on the general overall health of a marketplace and includes such factors as overall economic indicators, income growth, ongoing construction, rental rate trends, and the amount of retail demand in the market.

Deerfield, Ill. -- Walgreen Co. reported Tuesday that net income for the quarter ended Feb. 28 rose to $739 million, compared with $669 million in the year-ago period. However, gross profit margin remained flat at 28.8%, disappointing Wall Street, which expected more from the drugstore operator.

Revenue climbed 9% to $18.5 billion. Same-store sales and prescription sales each rose 4%.

CINCINNATI -- Macy's Inc. announced that it will make a corporate contribution of $100,000 in cash to the American Red Cross for earthquake and tsunami relief on behalf of Macy's and Bloomingdale's associates across America. In addition, the company said it will match, on a dollar-for-dollar basis, all employee contributions of $25 or more to the American Red Cross and other U.S.-based organizations providing rescue and relief assistance in Japan. 

Foothill Ranch, Calif. -- The Wet Seal announced Monday that it has hired Ken Seipel as president and COO, effective March 28.

Seipel will report to CEO Susan P. McGalla.

Seipel was previously president and chief merchandise/marketing officer of Pamida Discount Stores LLC, a regional general merchandise discount retailer. Prior to that, he was executive VP of stores, operations and store design for the Old Navy division of Gap.

DEERFIELD, Ill. — Walgreens announced on Tuesday record sales and earnings for the second quarter as it celebrated a milestone of filling 1-in-every-5 retail prescriptions for the first time in the company's history.

Net earnings for the quarter were $739 million, or 80 cents per diluted share, compared with $669 million, or 68 cents per share, in the year-ago period.

City of Industry, Calif. -- Hot Topic announced Monday that CEO Betsy McLaughlin has resigned the company, effectively immediately, and will be replaced by current board member Lisa Harper.

The move came two weeks after the company announced a fourth-quarter net loss, reversing a profit from a year ago, as revenue slipped by 1%.

According to the retailer, McLaughlin will continue to assist in the transition over the next three months.