News

WOONSOCKET, R.I. — CVS Caremark’s annual meeting of stockholders held Wednesday morning was an emotional and momentous occasion for the company as it marked the official retirement of Tom Ryan, former chairman and CEO, and the beginning of a new chapter as Larry Merlo takes the reigns as CEO.

BELLEVUE, Wash. — Drugstore.com on Tuesday announced the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the proposed merger by which the company would be acquired by Walgreens in a cash transaction.

The deal previously was announced on March 24.

Cincinnati -- Macy’s first-quarter earnings soared and easily beat Wall Street predictions on rising sales, tight expense controls and its efforts to tailor merchandise by region. The department store operator is doubling its quarterly dividend and raising its full-year earnings and sales outlook.

Macy’s posted net income of $131 million for the quarter that ended on April 30, nearly six times higher than the $23 million it reported a year earlier.

Purchase, N.Y. -- Excluding auto sales, total retail sales in April 2011 grew by 8.8% year-over-year, stronger than March’s growth rate, and substantially higher than the average 7.1% year-to-year growth rate of the previous quarter, according to MasterCard Advisors’ SpendingPulse, a macroeconomic report tracking national retail and service sales.

NEW YORK — Credit Suisse on Wednesday initiated coverage of General Nutrition Centers, the specialty retailer of supplement and nutritional products and partner with Rite Aid in a store-within-a-store program across more than 1,000 drug store locations.

New York City -- Target Corp. is setting up three distribution centers in Canada in preparation for its debut north of the border, according to a report in The Globe and Mail.

Although the retailer could have supplied the stores from its U.S. warehouses, it chose to set up a network specifically for its Canadian operations, the report said, with DCs planned for Toronto, Calgary and Vancouver.

By Kevin Moffitt, crossview.com

SAN FRANCISCO and DULUTH, Minn. — DemandTec, an optimization network for retailers and consumer products companies, announced that it has partnered with the Labovitz School of Business & Economics at the University of Minnesota Duluth to support the university's new program training students with skills for careers in the retail and consumer products industries.