Strategy

Deerfield, Ill. -- Walgreen Co. said Wednesday it is leaving the pharmacy benefits management business, selling its Walgreens Health Initiatives operation to Catalyst Health Solutions Inc. for $525 million in cash. The deal will leave Walgreens free to focus on its drug store network, which is the largest in the United States.

Walgreens’ pharmacy benefits management business has never approached the size of Caremark, the pharmacy benefits management business of CVS Caremark Corp.,

 York, Penn. -- Bon-Ton Stores Inc. said Wednesday its fiscal fourth-quarter profit climbed 6%.

The department store chain said its net income rose to $85 million for the period ended Jan. 29, up from $80.3 million a year earlier.

Revenue edged up 1% to $1.03 billion from $1.02 billion.

Revenue at stores open at least a year rose 0.8%.

Bon-Ton Stores' annual net income was $21.5 million. In the prior year, it lost $4.1 million. 

Paris -- LVMH announced the appointment of longtime Procter & Gamble veteran Christopher de Lapuente as global president and CEO of Sephora, effective March 31, 2011.

Lapuente joined P&G in 1983. He spent the whole of his career within the company, and in 2004, he was appointed president, the youngest ever in P&G history.

PITTSBURGH -- Dick’s Sporting Goods on Tuesday showed why it is the nation’s leading sporting goods retailer by producing record profits and a 9.4% same-store sales increase that extended to six its string of consecutive quarterly comp gains.

ORRVILLE, Ohio  -- The J. M. Smucker Company announced several executive appointments. Effective Aug. 16, Richard K. Smucker will become the sole CEO of the company.  Timothy P. Smucker will continue to serve the company as chairman of the board.

The board of directors also approved the following additional executive appointments and realignment of responsibilities effective May 1:

TORONTO -- Best Buy is partnering with Points International, which operates loyalty reward program management platform, www.points.com, to enable Reward Zone members the ability to exchange points between their Best Buy Reward Zone and their other participating loyalty program accounts as well as trade with other users via the Points.com loyalty marketplace.

ABC Supply Co. has announced the promotion of Tom Whitcomb to Customer Financial Services director for its Midwest region, based in Fitchburg, Wis.

In his new role, Whitcomb will direct all credit and collection activities for the region, which includes branches in Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin.

SPRINGFIELD, Ill.  -- Walmart has joined the likes of Sears and Barnes & Noble in offering Amazon.com affiliates the opportunity to join its own network. The retailer today issued an open invitation to all Illinois online affiliates to explore the opportunity to join Walmart.com's affiliate network. This invitation comes as Amazon.com and Overstock.com threaten to terminate their relationships with all Illinois affiliates should H.B. 3659 (Main Street Fairness Act) be signed into law.

YONKERS, N.Y. -- In another positive sign for the economy,  the March Consumer Reports Index reveals its most positive results in two years.

According to Consumer Reports National Research Center, which conducts the survey, the Consumer Sentiment Index has broken into positive territory at 50.3, which is up from 48.7 a month ago. This is the first time sentiment has been in positive territory since it was first measured in October 2008.

Pittsburgh -- Dick's Sporting Goods said Tuesday its net income increased 30% in the fourth quarter on improving revenue.

The sporting goods retailer reported net income of $87.5 million in the quarter ended Jan. 29, from $67.4 million last year.