Retail

Irving, Texas – Michael’s Stores reported an impressive 66% jump in net income during the third quarter of fiscal 2013, rising to $58 million from $35 million in the same quarter a year earlier. Net sales grew about 10%, to $1.1 billion from $1.01 billion.

Office Depot has chosen Boca Raton, Fla., for its global headquarters.

The company took several factors into account, including the cost to operate each headquarters location, lease obligations and sublease considerations, tax implications, government incentives, ability to add associates and incorporate functions in the current space, and people-related costs.

Boca Raton, Fla. -- Office Depot has selected Boca Raton, Fla., for its global headquarters rather than the Naperville, Ill., corporate home of its merger partner OfficeMax.

Columbus, Ohio -- Strategic brand and design firm Chute Gerdeman has named Jim Crawford to the new position of VP of technology and experience design. He will be responsible for integrating next-generation technology into the shopping experiences and store designs that Chute Gerdeman creates for its clients.

Vancouver, British Columbia -- Lululemon Athletica Inc. on Tuesday named Laurent Potdevin as CEO, and also announced founder Chip Wilson will step down as non-executive chairman. Potdevin, most recently president of Toms Shoes, will replace Lululemon’s current CEO, Christine Day, in January, and will also become a director at that time. Prior to Toms, he served as president and CEO of Burton Snowboards from 2005 – 2010.

Woonsocket, R.I. -- CVS Caremark and Cardinal Health have entered into an agreement to form the largest generic sourcing entity in the United States.

Both companies are contributing their sourcing and supply chain expertise to this 50/50 joint venture and are committing to source generic drugs through it. The companies separately announced a three-year extension through June 2019 of Cardinal Health's existing pharmaceutical distribution agreements with CVS Caremark.

West Hempstead, N.Y. – Liquidation retailer NSC Wholesale Holdings has selected Agilence Retail 20/20 to reduce shrink and improve in-store operations. NSC plans to use the cloud-based exception reporting solution to obtain visibility into daily store operations to increase efficiency and reduce fraud.

Foot Locker has unveiled its latest national advertising spot to promote the newest footwear and apparel from Kids Foot Locker this holiday season. The commercial features Los Angeles Clippers Chris Paul and Blake Griffin, along with Chris Paul's son.