Martha Stewart takes 10% pay cut
New York — Martha Stewart has agreed to reduce her annual base salary by $200,000 to $1.8 million.
Stewart, founder and chairwoman of Martha Stewart Living Omnimedia Inc., also gave the green light to allow the company to reduce her annual licensing fee by $300,000 to $1.7 million, according to a regulatory filing Wednesday.
The cuts, according to company executives, are “consistent with their plan to return … to profitability.”
MSLO reported a net loss of $3.27 million for the first quarter ended March 31.
Walgreens sales up 2.5% in June
Deerfield, Ill. — Walgreens on Wednesday reported June sales of $5.79 billion, an increase of 2.5% from the year-ago period.
Total front-end sales increased 2.2% compared with the same month last year, while comparable store front-end sales increased 0.8%. Customer traffic in comparable stores decreased 2.9%, while basket size increased 3.7%.
Prescriptions filled at comparable stores increased by 5.0% in June and increased 7.3% on a calendar day-shift adjusted basis. (This year’s June had one additional Sunday and one fewer Friday compared with June 2012. These calendar shifts negatively impacted prescriptions filled at comparable stores by 2.3 percentage points, according to Walgreens.)
Fiscal 2013 year-to-date sales for the first 10 months were $59.91 billion, down 0.5% from $60.20 billion in the comparable period in fiscal 2012.
Walgreens opened 10 stores in June, including four relocations, and closed four.
Slow and steady wins the race in Iowa
The Von Maur department store chain was founded 140 years ago and less than a month from now the company will open its 27th store in Coralville, Iowa.
The 80,000-sq.-ft. freestanding store will be located at the Iowa River Landing retail development and feature the company’s signature exterior entrance and resident ambience.
According to the company, customers will notice the store’s expansive open floor plan and larger departments which are designed to allow for greater product selection more easily navigable aisles and common areas. Several new amenities will also be found, including a new women’s lounge, a dedicated shoe clearance room, redesigned juniors and lingerie departments, larger dressing rooms and a fun, interactive, life-sized tree set to entertain the store’s youngest visitors.
A grand opening on July 27 will include live music, children’s entertainment and in-store giveaways, including a drawing for a $1,000 shopping spree.
“Our goal has always been to exceed customers’ expectations by providing a world class shopping experience," said Jim von Maur, president of Von Maur. "While our success over the years has led us to new markets and growth opportunities, Iowa has always been home. It is a true privilege for me, our family and our associates to continue serving our loyal customers who have helped make us the company we are today."
Von Mauer operates 27 stores in 11 states and was founded as a dry good store in Davenport, Iowa in the late 1800s.