Financial/Banking

Former Ahold and CVS executive Paula Price is the newest member of the Dollar General board of directors.

She joins the board of the 11,500 store retailer at a pivotal time. Dollar General is in the midst of a search for a top executive to succeed Rick Dreiling who has indicated he will step down next year and two of the company’s arch rivals, Dollar Tree and Family Dollar, have announced plans to merge.

Pittsburgh -- GNC Holdings, Inc.’s board of directors has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately and replaces GNC’s previous authorization, which had approximately $250 million remaining.  

The repurchases are expected to take place over the next 24 months.

Retail spending growth was at an 11-month high in July and consumers turned to planes, trains and automobiles as summer vacation travel led strong spending during the month, according to data reported today by First Data Corporation, a leading global payment technology and services company.

Atlanta - Retail spending growth was at an 11-month high in July as summer vacation travel led strong spending during the month, according to data reported by payment technology and services provider First Data Corporation. The First Data SpendTrend analysis looked at the period July 1 through 31, 2014, compared to July 2 through Aug. 1, 2013.

By Breton Leone-Quick and Steve Ganis

Orlando, Fla. -- Darden Restaurants, Inc., which operates the Olive Garden and LongHorn Steakhouse banners among others, has completed the repurchase of approximately $900 million of the previously announced $1 billion debt retirement, leaving approximately $1.6 billion of debt on its balance sheet.

New York -- The latest SpendingPulse report from MasterCard showed that U.S. retail sales rose 4.6% year-over-year in July, the largest year-over-year gain since October 2012.

Lodging, Airlines and Restaurants were among the top categories for U.S. retail sales last month, while Automotive, Grocery and Luxury items (excluding Jewelry) were less sought after by consumers.

Central Garden & Pet took a few steps back in the third quarter, posting an 11% sales decrease and a year-over-year decline in income.

Net sales for the three months ended June 28 were $438.0 million, down from $494.1 million in the third quarter of 2013. The decline took place in both the Pet and Garden segments, and it was exacerbated by a $16.9 million charge related to the discontinuance of two garden products.