Retail

Channeling his inner Sam Walton this week, Walmart CEO Doug McMillon rattled the company with the unexpected appointment of a relatively unknown newcomer to replace Bill Simon as CEO of its largest and most profitable division.

Clearwater, Fla. – MarineMax reported net income of $11.5 million in the second quarter of fiscal 2014, down 16% from $13.63 million a year earlier. A substantial increase in selling, general and administrative expenses drove the net income decrease.

Marinemax fared better in revenue, which grew approximately 22% to $214.4 million for the quarter compared with $175.8 million for the comparable quarter the prior year. Same-store sales increased approximately 22%.

New York -- Sainsbury’s has entered into a unique arrangement that closes the loop on food recycling. Its store in Cannock, Staffordshire, England, has come off the country’s national power grid for day-to-day electricity consumption and is running on power generated solely from food waste from Sainsbury’s supermarkets across the United Kingdom.

The new power supply was built in partnership with waste recycling company Biffa, and uses Biffa’s advanced anaerobic digestion (AD) facilities and a unique power link up.  

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Bentonville, Ark. -- Wal-Mart Stores announced that Bill Simon, president and CEO of Walmart U.S. since June 2010, is leaving the company. He will be replaced by Greg Foran, 53, president and CEO of Walmart Asia, who will take up the post on Aug. 9, reporting directly Wal-Mart president and CEO, Doug McMillon. Simon will be available on a consulting basis for the next six months to ensure a seamless transition.

Walgreens president of pharmacy, health and wellness Kermit Crawford is leaving the company after 31 years to take on new opportunities, including continuing to serve as a senior counselor to Walgreens president and CEO Greg Wasson.

Camp Hill, Pa. -- Rite Aid Corporation announced that Darren Karst is joining Rite Aid as executive VP and CFO, effective Aug. 20.

Karst succeeds Frank Vitrano, who has announced he will retire in September, 2015. Until then, Vitrano retains the chief administrative officer responsibilities for the company’s information technology, real estate and indirect procurement functions. He will also serve as a key resource in the development and execution of new business and growth initiatives.

New York - Nook Media LLC, a subsidiary of Barnes & Noble Inc., is offering a limited time free ebook and magazine offer through the Nook app for Windows 8.1 in Canada. Customers who download the app will receive five free popular books and two free top magazines.