FINANCE

CVS Caremark announces $4B stock buyback program

BY Staff Writer

Woonsocket, R.I. — CVS Caremark said its board has approved a $4 billion stock repurchase program and that it intends to complete an earlier $2 billion program before the end of this year.

Under the new authorization, the retailer said it expects to repurchase about $1 billion in shares by the end of the year.

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FINANCE

American Eagle Q2 profit more than doubles

BY Marianne Wilson

Pittsburgh — American Eagle Outfitters’ second-quarter net income more than doubled to $19.7 million from $9.7 million in the year-ago period. The teen retailer credited the jump on increased revenue, growing online sales and fewer markdowns.

Revenue for the period ended July 30 rose 4 percent to $675.7 million from $651.5 million, surpassing Wall Street’s $652 million estimate. Same-store sales were flat compared with a 1% decline in the prior-year period.

Revenue for AEO Direct, which includes ae.com, aerie.com and 77kids.com, rose 16% on increased traffic and a higher conversion rate.

The chain said that increased cotton costs will likely squeeze its merchandise margin during the period.

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Meijer thinks local with new Chicago store

BY CSA STAFF

GRAND RAPIDS, Mich. — Meijer announced that it has opened a new, smaller-format grocery store in the Chicago area. The 90,000 sq. ft. Meijer Marketplace store in Melrose Park, willfeature national and Meijer own brand grocery items, along with a full-service pharmacy offering a variety of national and Meijer brand health and beauty products, the company reported.

The Meijer Marketplace also will feature such key merchandise categories as electronics, seasonal items, toys, home, kitchen and bath items and a pet department, with numerous national brand products throughout the aisles. Meijer said it will also take the needs of the community into consideration when adjusting its product offerings.

Meijer’s efforts to engage the community also will include providing local customers with a tailored grocery shopping experience with fresh quality meats and produce, as well as a wide variety of deli, bakery and pantry items. The new Meijer store will include a targeted assortment of Hispanic produce, Italian deli meats, European cookies, a fresh sushi bar, and more than 40 varieties of Hispanic beer.

"Meijer is thrilled to bring our newest store concept to this great community," said Hank Meijer, co-chairman and CEO of the Grand Rapids, Mich.-based retailer. "Our team has worked very hard to bring the great Meijer experience to our new customers in the Melrose Park area, and we’re very proud to join this vibrant neighborhood."

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