News

If the economy is improving someone forgot to tell Office Depot’s customers. The company reported a third quarter loss of $70 million loss on sales that declined 5% to $2.7 billion.

TORONTO — Ahead of its 2013 debut, Target is building its presence in Canada with a new partnership with the Toronto Fashion Incubator for the annual TFI New Labels Fashion Design competition celebrating and supporting up and coming Canadian designers. 

The winner will receive $25,000 and the chance to create an exclusive collection to be sold in Target stores across Canada in 2014.

Third quarter sales at OfficeMax declined 1.7% to $1.74 billion and same store sales dropped 2.1% due to weak demand for office products.

WOONSOCKET, R.I. — Coming off a strong third quarter, CVS Caremark executives expressed confidence that the company’s integrated retail/pharmacy benefit manager model and the unique programs and services it is able to deliver customers and clients are “making the difference,” president and CEO Larry Merlo told analysts during a Tuesday morning earnings call.

UNION BEACH, N.J. — In partnership with the American Red Cross, beginning Nov. 6, the P&G Mobile Relief Center will be stationed in Union Beach, N.J., to provide showers, personal care kits, household products — including Bounty, Charmin, Tide and Dawn — and baby products, including Pampers diapers and wipes, to victims of Hurricane Sandy, Procter & Gamble announced Monday. This service will be free to all victims, responders and their families.

NEW YORK — Beauty company L'Oréal Paris has recognized the charitable work of 10 women — including Montgomery County district attorney Risa Vetri Ferman, the cofounder of Mission Kids Child Advocacy Center — by distinguishing them as "Women of Worth" and giving them $10,000 each for their individual charities.

New York -- Cache reported Tuesday a loss of $6.4 million for the quarter ended Sept. 29, widened from a loss of $1.8 million in the year-ago period.

Sales dropped 5.9% to $45.8 million, and same-store sales declined 2.9%.

The retailer is currently on a hunt for a new president.

Woonsocket, R.I. -- CVS Caremark Corp. reported Tuesday that net income for the quarter ended Sept. 30 jumped 16% to $1.01 billion, compared with $868 million in the year-ago period. Results were boosted by a 13.3% increase in revenue to $30.2 billion, which edged Wall Street’s forecast of $30.09 billion in revenue.

Drugstore revenue rose 5.5% to $15.5 billion, and same-store sales climbed 4.3%, helped by the influx of Walgreens customer who switched to CVS during the split between Walgreen Co and Express Scripts Holding Co.

North Bergen, N.J. -- Vitamin Shoppe Inc. reported Tuesday that net income for the third quarter leaped 36.8% to $16.3 million, from $11.9 million last year.

Revenue rose 14.4% to $239 million, missing Wall Street’s expectations of $241.8 million in revenue. Same-store sales surged 9.6%, marking the company’s 28th consecutive quarter of positive comps.

For the current year, Vitamin Shoppe said it expects to open 52 new stores and, for fiscal 2013, the preliminary forecast is to open 57 new stores.

New York -- According to a Monday report by Reuters, Staples will install Amazon lockers inside its U.S. stores, providing consumers an alternative location to receive packages from the online retailer.

According to the report, customers are sent an email code with a pickup code for opening the locker. Shoppers then have three days to retrieve the package.