FINANCE

Genesco Q3 profit jumps 56%; raises 2013 outlook

BY Staff Writer

Nashville, Tenn. — Genesco Inc. said Friday its third-quarter profit increased to $41 million, from $26.2 million in the year-ago period, better than Wall Street expected. The company also raised its fiscal 2013 outlook, even as it warned that November was off to a slow start.

“The fourth quarter got off to a slow start with November comparable store sales down 4%, compared with a 12% increase in November last year,” said Robert J. Dennis, chairman, president and CEO. “We estimate that Hurricane Sandy reduced November comparable store sales by approximately 1% to 2%.”

Sales in the quarter rose 7.8% to $664.5 million from $616.5 million. Same-store sales rose 4% for the company, with an 8% increase in the Journeys Group, a 5% decrease in the Lids Sports Group, a 9% increase in the Schuh Group, and a 6% increase in Johnston & Murphy Group.

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REAL ESTATE

Walgreens opens Los Angeles flagship; store is chain’s 8,000th location

BY Marianne Wilson

Deerfield, Ill. — Walgreens on Saturday will officially open its 8,000th store nationwide and its first flagship on the West Coast. The store, located in Los Angeles at the iconic corner of Sunset and Vine, features an extensive collection of innovative offerings, products and services, many of which are not standard fare.

The expanded features will include a LOOK Boutique beauty department. Britain’s leading skincare brand, No7, created by Boots, will be available in a Walgreens store for the first time. (The availability of No7 products at this Walgreens follows the strategic partnership between Walgreens and Alliance Boots, the leading international pharmacy-led health and beauty group.)

The department also will have specially-trained beauty advisors, including a No7 beauty advisor, on hand to offer guidance finding the best solutions for individual needs. Expert shaping and grooming services will be available at the Eyebrow Bar.

Other features include:

  • An enhanced, state-of-the-art pharmacy designed to encourage greater interaction between pharmacists and patients. Team member “health guides” will help pharmacy customers navigate a wide range of health and wellness products, services and resources including immunizations and health tests. The pharmacy also features an “Ask Your Pharmacist” desk, consultation rooms and Express Rx kiosks for swift checkout.
  • A juice and smoothie bar featuring fresh fruits and vegetables included in the 24 distinct recipes available. Customers can also enjoy eight flavors of self-serve frozen yogurt accompanied by an enticing toppings bar.
  • Hundreds of fresh food items including produce and high-quality, on-the-go meal options such as wraps, sandwiches and salads made fresh daily.
  • A best-in-class wine selection boasting more than 700 fine wines that will pair well with the store’s assortment of artisan and brie cheeses as well as specialty meats, decadent chocolates and more. A Beverage Wizard kiosk provides food and beverage pairing recommendations.
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News

Save the date: LPGA returns to NWA June 17-23

BY CSA STAFF

Walmart and Procter & Gamble have signed on as primary sponsors for LPGA’s tour event in Northwest Arkansas for the next three years.

The event has been a phenomenal success for the region and grown in significance each year by attracting top LPGA talent. Next year, the tournament known officially as the Walmart Northwest Arkansas Championship presented by P&G will be held June 17-23 at the Pinnacle Country Club in Rogers.

"We consider it very significant to not only announce that the LPGA is returning to Northwest Arkansas next year, but also that our two lead sponsors have committed to our event through the year 2015," said tournament director David Shoemaker. "This gives us an opportunity to continue to build and improve our event, and to add to the quality of life in Northwest Arkansas for years to come."

Walmart has steadily increased its support of the event as it favorably showcases the region which can be useful when it comes to employee recruitment and retention at the company’s home office.

"Walmart’s long-standing support of this event is consistent with the company’s overall commitment toward showcasing Northwest Arkansas as one of the best places in America to live and work," said Susan Chambers, EVP of Wal-Mart Stores Inc. and head of the company’s global people group.

The 2013 tournament will immediately precede the U.S. Women’s Open at Sebonack Golf Club in Southhampton, NY.  As a lead-in to the U.S. Women’s Open and with one of the top purses on the LPGA tour at $2 million, the Northwest Arkansas event is expected to attract top talent and an international field.

"When you combine a terrific golf venue, a top-notch purse and that world famous ‘Arkansas hospitality,’ it’s no surprise that the Walmart NW Arkansas Championship has become a player favorite on the LPGA," LPGA Commissioner Michael Whan said. "Most importantly, the people of Walmart and P&G have become not only great business partners, but also great friends to our Tour."

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