News

Deerfield, Ill. -- Walgreen Co. said Wednesday that its sales increased 5.4% in September, to $5.95 billion from $5.65 billion in the year-ago period.

Pharmacy revenue rose 4.6%, while front end sales were up 5.1%.

Same-store sales rose 3.1%. Wall Street analysts were expecting growth of 4.6%.
 

ISSAQUAH, Wash. — Costco membership seems to defy current consumer trends as the warehouse club announced Wednesday that it would raise its annual membership fees at the same time reporting increases in fourth quarter sales and earnings.

Arlington, Va. -- The Retail Industry Leaders Association (RILA) applauded House Education and the Workforce Chairman Jon Kline for the introduction of the Workforce Democracy and Fairness Act and urged for its speedy passage.

The legislation comes in response to efforts by the National Labor Relations Board (NLRB) to impose several components of the job-killing Employee Free Choice Act (EFCA), a priority of organized labor that failed to gain support in Congress.

PORT WASHINGTON — The NPD Group has some good news for retailers worried about weak video game sales this holiday season. According to a survey of spending habits in the second quarter of 2011, in addition to the $1.44 billion spent in the U.S. by consumers on new physical video and PC game software in the second quarter of 2011, the total consumer spend on content via other monetization methods, including used games, game rentals, subscriptions, digital full-game downloads, social network games, downloadable content, and mobile games, is estimated at $1.74 billion.

Issaquah, Wash. -- Costco Wholesale Corp. reported an 11% increase in its fourth quarter net income, below forecasts. The company also announced that it will raise its membership fees starting Nov. 1.

Costco's net income rose to $478 million for the period ended Aug. 28, up from $432 million in the year-ago period. The quarter included a "last-in, first-out" inventory charge of four cents per share. This charge reflects a requirement that the company revalue its inventory if prices rise or fall notably.

WINSTON-SALEM, N.C. — HanesBrands announced that it has promoted Richard Moss to chief financial officer effective immediately.

Moss, 53, who has served as the company’s treasurer since January 2006, was chosen to fill the open CFO position after an extensive review of internal and external candidates, HanesBrands reported. Moss will oversee the company’s global finance, investor relations and corporate development functions.

The pricing gap between Target and Walmart narrowed last month to a scant 1.7% as Walmart took prices up slightly during August while Target did the opposite, according to a monthly survey by the retail research team at Credit Suisse.

Washington -- The National Retail Federation announced that it is pleased with President Obama's efforts to implement three pending Free Trade Agreements.