Report: CVS to Open Beauty Stores
New York City CVS Caremark Corp. is making plans to test an upscale beauty format, called Beauty 360, Reuters reported. The drug store chain plans to open a store called “Beauty 360” by year end next to an existing CVS store on the East Coast, and another on the West Coast shortly thereafter, CVS spokeswoman Eileen Howard Dunn told Reuters on Friday.
In recent years, the drug store chain has focused on building up its beauty selections, with research showing growing demand on the higher end, according to Dunn.
“Beauty has always been a core part of our front-of-store offering, so this is the next evolution,” Dunn said.
Women’s Wear Daily reported that the new concept will range between 2,500 sq. ft. and 4,000 sq. ft., and carry 32 lines of skin care and and cosmetic products. It will also feature fragrances.
Barnes & Noble 2Q sales down 1.6%
NEW YORK Barnes & Noble reported that sales for the second quarter decreased 1.6% to $1.2 billion. Barnes & Noble store sales decreased 1.6% to $1.1 billion, with comparable-store sales decreasing 4.7% for the quarter. Barnes & Noble.com sales were $99.8 million for the quarter, a 3.6% comparable sales increase.
Second quarter net earnings were $15.4 million or 27 cents per share.
For the third quarter, the company expects comparable-store sales at Barnes & Noble stores to decline in the low single digits. Barnes & Noble Inc.’s third quarter loss per share is expected to be in a range of 10 cents to 15 cents.
Based on first-half 2008 sales performance and current trends, the company is reducing its full-year comparable store sales guidance from slightly negative to a decrease in the low single digits. Although the company is reducing full-year sales guidance, the company is reiterating full-year earnings per share guidance to be in a range of $1.70 to $1.90.
Wyatt named president of Old Navy
SAN FRANCISCO Gap Inc. announced that Tom Wyatt has been named president of its Old Navy division, effective immediately. Wyatt, a 30-year retail veteran, has been serving as interim president of the retailer since February.
In his first actions as brand president, Wyatt made several changes to his senior management team, effective immediately, including announcing the departure of merchandising evp Sheryl Clark.
Wyatt joined Gap Inc. in early 2006, and previously served as president of the company’s Outlet division until he joined Old Navy this year. His 30 years of retail experience include: serving as president and ceo of a mid-size athletic apparel company; president of Warnaco Intimate Apparel; and a senior executive within the Saks family of companies.