News

CVS profit declines but still beats Street
CVS Health Corp. reported lower profit in its first quarter amid pressure by more generic drugs and softer customer traffic. Net income for the three months ended March 31 decreased 16.9% year over year to $953 million. CVS said the decline was primarily driven by the decline in operating profit, partially offset by lower interest expense of $31 million related to refinancing activity in the prior year as well as the improvement in the effective income tax rate, from 39.4% to 37.3%.
Men’s grooming concept has big plans for growth
A men’s grooming shop that provides hand and foot care, haircuts and shaves in a “man cave nirvana” has ambitious designs for expansion.

Crayola Experience heading to Texas

The Lone Star state is set to get a big dose of Crayola color. The iconic brand will open a Crayola Experience at The Shops at Willow Bend, Plano, Texas, in spring 2018. This is the fourth location for the attraction, which also has locations in Orlando, Fla., Bloomington, Minn. (at Mall of America), and its hometown of Easton, Pa.
Bankrupt games and puzzle retailer acquired

The company responsible for last year’s hottest holiday toy has bought Marbles: The Brain Store. Toronto-based Spin Master Corp., creators of hit toy Hatchimal, said its purchase of Marbles builds upon Spin Master's increased presence in the games and puzzles category. Under the terms of the sale, Spin Master will acquire the company's brand name, e-commerce business, portfolio of games and other assets.
Nine West exec to head up IT at department store chain

The Bon Ton Stores has a new technology leader. Norm Veit has joined the company as executive VP, CIO, responsible for the chain’s IT strategy and operations. Veit bring more than 35 years of experience to Bon-Ton, having held a variety of leadership roles in retail companies throughout his career. Most recently, he served as CIO and executive VP, distribution, real estate and facilities for Nine West Holdings, Inc.
CBL sells outlet center for $130 million

The Outlet Shoppes at Oklahoma City was acquired this week by an unnamed buyer, reported CBL & Associates, which co-owned the center with Horizon Group Properties. "The Outlet Shoppes at Oklahoma City was the first project we developed with Horizon and has been a huge success,” said Stephen Lebovitz, CBL’s president & CEO. “We are pleased to demonstrate the value of our outlet portfolio and provide additional liquidity to reduce leverage and help fund our redevelopment program."
Facebook testing in-store QR code rewards

Facebook is proving social media does in fact influence brick-and-mortar sales. The social media giant offers a feature that enables users to scan a personalized QR code to nab discounts when they buy something at specific brick-and-mortar locations, reported TechCrunch. The Rewards feature, which is discretely tucked away under the More tab of Facebook’s mobile app, has been in test mode for a few months, according to the report.
Gifting retailer’s Q3 revenues slip

While sales across floral divisions were strong, a late Easter impacted 1-800-Flowers.com’s third quarter revenues. For the quarter ended April 2, 2017, revenues were $233.7 million, a slight dip compared to $234.2 million in the prior year period. This reflects lower year-over-year profits across the Gourmet Food and Gift Baskets divisions due to the Easter holiday shifting into the company’s fiscal fourth quarter this year.
Report: Automation could propel Amazon’s grocery operation

Automation could drive Amazon’s grocery business in more ways than one. Not only will a focus on automation prime the online giant’s AmazonFresh operation to disrupt the grocery industry, but it could also help the endeavor reach a breakeven point, according to CNBC.
Update on Walgreens-Rite Aid deal

The battle for Walgreens to acquire Rite Aid may be entering its final stage. Walgreens is expected to certify compliance within days, giving the Federal Trade Commission 90 days to either clear the $9.7 billion deal or sue to block it, reported the New York Post. The newspaper added the certified compliance period would expire roughly the same day as the Walgreens-Rite Aid merger agreement terminates on July 31. The proposed transaction was first announced in October 2015.