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CVS Caremark ranks among ‘World’s Most Admired’

BY CSA STAFF

Woonsocket, R.I. CVS Caremark has been named the most-admired company in its industry, the food and drug stores sector, by Fortune magazine.

“This achievement reflects the deep commitment that our CVS Caremark colleagues across the country have made to our mission of providing our customers with innovative solutions in pharmacy and health care. We couldn’t be more pleased to be named the most admired company in our industry,” stated Tom Ryan, chairman, president and CEO of CVS Caremark.

In addition innovation and shareholder value, Fortune’s scorecard for CVS Caremark included second-place honors in the categories of people management, use of corporate assets and financial soundness.

This result will be published, along with the magazine’s full “World’s Most Admired Companies” results, on March 22. The annual Fortune ranking is based on national surveys of investment analysts, board of directors and business executives.

CVS Caremark’s No. 1 rank in Fortune’s Most-Admired Companies survey follows the company’s recent inclusion in the 100 Best Corporate Citizens List as ranked by Corporate Responsibility Magazine.

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Jo-Ann celebrates craft month with in-store events

BY CSA STAFF

HUDSON, Ohio Jo-Ann Fabric and Craft Stores announced that it is celebrating national craft month this March with special in-store demonstrations and new projects.

“This year, Jo-Ann Fabric and Craft Stores is encouraging people to take time to craft a memory,” notes Brent Beebe, VP crafts. “With 63 million households crafting each year, we feel this theme reminds people what crafting can be—a memorable gathering of family or friends, or an individual artistic endeavor. It’s about the process as well as the project.”

The demonstrations will include wedding favors, papercrafting and Easter foam projects.

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Pier 1 Imports reports 4Q sales growth

BY CSA STAFF

FORT WORTH, Texas Pier 1 Imports reported that total sales for the fourth quarter were $396 million compared with $389 million for the same period last year. Comparable-store sales for the fourth quarter increased 6.5%. Total sales for the fiscal year were $1.29 billion compared with $1.32 billion last year. Comparable-store sales for the year increased 1.5%.

For the fourth quarter, Pier 1 said it anticipates that reported merchandise margins will be better than expected at approximately 55.7%, compared to 44.3% reported last year. Reported earnings per share are expected to be at least 29 cents per share compared with a loss of 33 cents last year.

 

Alex Smith, president and CEO, stated, “We are proud of our fourth quarter performance, which began with an extremely successful holiday selling season. We knew that the strength of December sales, the resulting seasonal sell-through, and the lower level of markdown inventory would shorten the Pier 1 sale. However, we were able to more than offset the pressure on sales in January with a very strong merchandise margin improvement. Our quarter ended with strong sales and margin in February, despite the extreme weather conditions experienced in many parts of the country. The increase in margin rate during the quarter is attributable not only to less clearance merchandise but also to our initial markups which remained strong.”

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