FINANCE

Martha Stewart takes 10% pay cut

BY Marianne Wilson

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.

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OPERATIONS

MPW designs eco-friendly refrigeration system for Walgreens

BY Marianne Wilson

New York — MPW Engineering provided design and specifications of the refrigeration and refrigeration energy management systems for the newly converted Walgreen’s store in the Empire State Building in Manhattan.

Walgreens desired a more efficient, cost effective and “greener” solution as it planned to convert a single floor store to three floors in a multi-story, mixed use building. The previous refrigeration system utilized a costly, high-ozone depleting refrigerant. MPW Engineering designed a new split mini-rack system that utilized a more environmentally-friendly, zero ozone depleting refrigerant. The rack served new refrigerated fixtures, consisting of water cooled compressors that were tied into the building existing water loop. The new rack was installed while still maintaining standard store operations. 


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FINANCE

Walgreens sales up 2.5% in June

BY Staff Writer

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.

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