Factory Card Posts Lower 2Q Earnings
Naperville, Ill., Factory Card & Party Outlet Corp. posted second-quarter net income of $1.0 million, 50% lower from the year-ago period. The retailer attributed the reduced performance to expenses related to a major marketing push that has not spurred enough growth to offset those expenses. Net sales increased 1.2% to $62.9 million for the quarter.
Walgreens Expands Services With Joint Venture
Deerfield, Ill., Walgreen Co. has formed a joint venture with pharmaceutical services firm Senior Healthcare Partners LLC (known to its customers as SeniorMed Pharmacy) to provide prescription services to assisted-living and other senior communities. Under the agreement, the two companies will form a new business, called SeniorMed, to be led by Stephen Axelrod, who is CEO of Senior Healthcare Partners.
“The new joint venture allows both of us to expand into the fast-growing senior assisted-living pharmacy market,” said Greg Wasson, president, Walgreens Health Services, a division of Walgreen Co.
BJ’s Hires Senior VP
Natick, Mass., BJ’s Wholesale Club, Inc. named Richard Wilson senior VP of general merchandise. He will be responsible for general merchandise category mix including domestics, electronics, giftware, seasonal merchandise, furniture, books, toys and sporting goods. He succeeds Edward Beevers, who will continue as a consultant to BJ’s until he leaves the company at the end of the year. Wilson joined BJ’s Wholesale Club as VP, divisional merchandise manager, in May 2005 from Federated Department Stores’ Macy’s division, where he was senior VP for tabletop, luggage and Macy’s Home Store.