OPERATIONS

Report: Sears names online expert as new CMO

BY Staff Writer

New York City — Sears Holdings Corp has named former FreshDirect executive Monica Woo to be VP and CMO, effective Aug. 15, according to Reuters. The post has been vacant since January 2010.

Woo will be responsible for the overall marketing, brand and advertising programs for Sears, according to the report. She most recently was the chief marketing and strategy officer of online grocer FreshDirect.

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FINANCE

CVS Caremark Q1 profit slips 1%

BY Staff Writer

New York City — CVS Caremark said Thursday its profit dipped 1% in the second quarter to $816 million as its pharmacy benefits management business weathered lower prices on contract renewals. Revenue rose 11% to $26.63 billion from $24.01 billion.

Revenue from CVS drugstores increased 3.6% to $14.83 billion. Same-store sales were up 2%, with pharmacy sales up 2.6% and front-end revenue up 0.8%.

CVS opened 41 stores during the second quarter and operated 7,266 retail drugstores at the end of the period.

In other news, MinuteClinic, the walk-in health clinic division of CVS, plans to add 100 new clinics per year for the next five years.

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FINANCE

Sally Beauty Holdings Q3 profit surges 68%

BY Staff Writer

New York City — Sally Beauty Holdings on Thursday said that its fiscal third-quarter profit increased 68% as sales rose while it held its expenses in line.

The beauty retailer posted net income of $69.1 million for the three months ended June 30, compared with $41.1 million a year earlier. Revenue rose 13% to $837 million.

Sales at Sally Beauty Supply stores rose 11% to $517.2 million. Same-store sales gained 6.1%. The division had 3,123 stores at the end of the quarter.

The company’s Beauty Systems Group, which operates stores under the CosmoProf and Armstrong McCall banners, reported a 16% increase in sales to $319.4 million. Same-store sales rose 5.3%. The division had 1,139 stores and 1,127 distributor sales consultants at the end of the quarter.

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