OPERATIONS

Best Buy chief marketing officer resigns

BY Marianne Wilson

New York — Best Buy’s chief marketing officer, Barry Judge, has resigned. His resignation follows the departure last month of chief executive Brian Dunn.

Judge is “leaving the company to explore the next chapter in his career,” Greg Hitt, a spokesman for Best Buy, said by e-mail, in a Bloomberg report.

Stephen Gillett, a former Starbucks executive who joined Best Buy in March, will take over responsibility for the chain’s marketing efforts, Minnesota Public Radio reported. Gillett was hired to bolster Best Buy’s e-commerce efforts as president of Best Buy Digital and Global Business Services.

Best Buy is searching for a new CEO in the wake of Dunn departure. Dunn is currently the subject of a board investigation of his personal conduct.

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FINANCE

Build-A-Bear Workshop narrows loss

BY Marianne Wilson

St. Louis — Build-A-Bear Workshop posted a narrower-than-expected loss for the first quarter. The retailer reported a net loss of $1.0 million for the quarter ended March 31, 2012, down from a loss of $2.3 million last year.

Consolidated net retail sales of $95.2 million represented a 1.6% increase compared to $94.2 million. Revenue came in at $96.4 million, missing the $97.6 million analysts had expected. Same-store sales in the quarter rose 3.6% in North America. Overall same-store sales rose 1.2%.

At the end of the quarter, Build-A-Bear Workshop operated 348 company-owned stores – 290 in North America and 58 in Europe.

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FINANCE

Walgreens and Rite Aid report April results

BY Staff Writer

New York — Walgreen Co. said Thursday that same-store sales slipped a worse-than-expected 6.4% in April, largely due to its split with pharmacy benefits manager Express Scripts Inc.

For April, Walgreens’ same-store pharmacy sales were down 8.9%. Front-end sales fell 2.2%

At April 30, Walgreens operated 8,307 locations in all 50 states, the District of Columbia, Puerto Rico and Guam

Rite Aid Corp. said that its same-store sales increased 2.9% in April. Pharmacy same-store sales were up 3%, while front-end same-store revenue rose 2.7%.

Rite Aid operated 4,658 stores as of April 28, down from 4,705 in the same period last year.

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