Retail

Wearable technology is ripe for growth — especially among millennials, according to PwC’s “Consumer Intelligence Series – The Wearable Future” report. Twenty percent of American adults already own a wearable device, and the adoption rate — on par with tablets in 2012 — is quickly expected to rise.

Woonsocket, R.I. -- CVS Health Corp. on Tuesday reported slightly higher-than-expected quarterly profit, helped in part by growth in sales of specialty drugs. Net income decreased 24% to $900 million from $1.21 billion in the year-ago period, primarily due to a $521 million pre-tax loss on the early extinguishment of debt.      

San Francisco –- New Seasons Market (NSM) is deploying the new Index online commerce personalization solution at its stores to deliver end-to-end security and personalized customer experiences. The collaboration with Index provides NSM with a real-time understanding of customer behavior while helping to deliver relevant product recommendations and shopping experiences that savvy consumers now expect both online and offline.

New York -- U.S. households plan to spend an average of $538 on gifts this holiday season, up slightly from $528 last year, The Conference Board reports today. About 8% of consumers say they plan to spend more this year on holiday gifts, while approximately 32% plan to spend less. The remaining 60% plan to spend about the same as last year.  

By Brian Mell, BannerView  

Sales continued to decline at Office Depot in the third quarter, but CEO Roland Smith said excellent execution allowed operating profits to more than double.

Total company sales on a pro-forma basis to reflect the merger of Office Depot and OfficeMax declined 3% to $4.1 billion during the period ended Sept. 27. The top line decline was steeper at the company’s 1,851 unit North American retail division where sales declined 7% to $1.7 billion due to store closures and a 3% same store sales decline driven by a reduced transaction volume. 

New York -- New York & Company announced that John Worthington has joined the company as president and COO, effective immediately. Worthington will lead the company’s store operations, real estate, outlets, finance, IT, sourcing and logistics areas.  

Boca Raton, Fla. -- Office Depot on Tuesday reported better-than-expected results for third quarter and raised its outlook for the year.    The retailer posted a profit of $29 million  for the third quarter compared with $133 million in the year-ago quarter. The previous-year quarter included a gain on the sale of the Office Depot de Mexico joint venture.   Sales grew 55% to $4.07 billion, fueled by the addition of OfficeMax.