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%.
 

Raleigh, N.C. -- Economic weakness and low consumer confidence, combined with vendor capacity/reliability, are the top threats to business success this peak season, according to a recent Peak Season Trends and Strategies Survey Report by Tompkins Supply Chain Consortium.

By Ken Nisch, chairman, JGA

New York City -- Research results released Tuesday by American Express found that more than a third (38%) of small business owners believe that the U.S. is still in the throes of a recession.

According to the American Express OPEN Small Business Monitor, a semi-annual survey in its 10th year, concerns about the economy are weighing heavily on entrepreneurs. Twenty-seven percent say they do not plan to grow in the next six months (up from 21% in the spring) and just 77% describe themselves as glass-half-full optimists (down from 85% a year ago).

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.

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

The Associated Press reported last week that First Lady Michelle Obama was sighted shopping incognito at a D.C. area Target store wearing a baseball cap and sunglasses. Secret Service agents arrived about a half-hour before Mrs. Obama, who walked in through the main entrance with an assistant and spent 30 to 40 minutes shopping and pushing her own cart, according to AP.

An opening salvo has been fired in the Black Friday battle and this one emanated from South Florida where the massive Sawgrass Mills outlet mall announced it will stay open around the clock beginning at 10 p.m. on Thanskgiving day. The mall is home to a Super Target and about 350 other stores.

The revelation this week that Target chief marketing officer Michael Francis had jumped ship to become president at JCPenney was a surprising development that sucked some of the oxygen out of the retailer’s Minneapolis headquarters. Target is all about marketing and Francis was instrumental in shaping some of the most interesting customer communications the marketing world saw during the past decade. He was so highly thought of that earlier this year he was tapped to lead Target’s entry into Canada, arguably the company’s most significant longer term growth driver.

The revelation this week that Target chief marketing officer Michael Francis had jumped ship to become president at JCPenney was a surprising development that sucked some of the oxygen out of the retailer’s Minneapolis headquarters. Target is all about marketing and Francis was instrumental in shaping some of the most interesting customer communications the marketing world saw during the past decade. He was so highly thought of that earlier this year he was tapped to lead Target’s entry into Canada, arguably the company’s most significant longer term growth driver.