International Business

Minneapolis -- Target Corp. on Wednesday reported a 61.7% drop in Q2 earnings. The chain also lowered slashed its annual profit outlook as it continues to deal with weak results in Canada, sluggish U.S. sales and the lingering effects of its data breach.   

Target earned $234 million in the quarter ended Aug. 2, down from $611 million in the year-ago period.

Revenue rose 1.7% to $17.4 billion, slightly above the $17.38 billion analysts had expected.

Mars has appointed Jean-Christophe Flatin as president of global chocolate, effective Oct. 1. Flatin, who is currently global president of Royal Canin, a unit of Mars Petcare, replaces Grant F. Reid, who recently moved into the role of office of the president for Mars.

NBTY, a global manufacturer, marketer, distributor and retailer of vitamins and nutritional supplements, has named Steven Cahillane CEO.

A 25-year consumer goods industry veteran, Cahillane comes to NBTY from Coca-Cola, where he led the successful integration of Coca‐Cola Enterprises' North American bottling operation and drove significant market share gains as president of Coca-Cola Americas.
 

The Estée Lauder Companies achieved record net sales and reported overall strong financial results for the fourth quarter and fiscal year ended June 30.

For the year, the company achieved record net sales of $10.97 billion, an 8% increase compared with $10.18 billion in the prior year. Even excluding the impact of foreign currency translation, net sales still increased 8%.

A brand known for its American craftsmanship has opened a flagship in the heart of the Ginza, one of the premier shopping districts in Tokyo.

The 2,000-sq.-ft. space marks the new face of Cole Haan for its retail stores as it expands. It blends tradition and modernity in a casually elegant environment, with distinct presentations for both female and male shoppers.   

Orlando, Fla. - Darden Restaurants Inc. has retained global executive search firm Russell Reynolds Associates to assist the company with the recruitment of its next CEO. As previously announced, Clarence Otis is stepping down as chairman and CEO of Darden.  

To ensure a smooth transition, Charles A. Ledsinger Jr. has been appointed independent non-executive chairman of the board, and Mr. Otis has agreed to continue serving as CEO of Darden until the earlier of the appointment of his successor or Dec. 31, 2014.

The Coca-Cola Company plans to acquire a 16.7% interest in Monster Beverage Corporation in an unconventional partnership arrangement involving brands, global distribution and $2.15 billion in cash.

The companies entered into a long-term strategic partnership designed to leverage their respective strengths — Coke’s worldwide bottling system and Monster’s expertise in the energy segment of the beverage category — to accelerate growth globally.

Newell Rubbermaid’s EVP and CFO Doug Martin has resigned from the company effective August 31, to be EVP and CFO at Spectrum Brands, effective September 1.

Newell Rubbermaid has retained Spencer Stuart to help the company search for a new CFO. While that search is underway, John Stipancich, the company's EVP, general counsel, corporate secretary and EMEA leader, has been tapped as interim financial chief.