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Rite Aid swings to profit in Q3, lifts forecast

BY Katherine Boccaccio

Camp Hill, Pa. — Rite Aid Corp. reported Thursday a profit of $60.5 million for the quarter ended Dec. 1, compared with a year-earlier loss of $54.5 million and marking the first time since quarter-ended May 2007 that the drugstore retailer has turned a profit.

Rite Aid also raised its forecast for the year, abandoning earlier forecasts of a loss for the year and instead suggesting that the company may turn an annual profit.

Revenue in the third quarter dipped 1.2% to $6.24 billion, as permanent closures of poor performers and temporary closures of Sandy-impacted stores had a negative impact on sales. Same-store sales fell 1.5%

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OPERATIONS

Amazon and Kohl’s execs among those honored by NRF

BY Staff Writer

Washington, D.C. — Executives at Amazon, Kohl’s, Crocs and Lululemon have been named recipients of the National Retail Federation’s annual awards. Amazon founder and CEO Jeff Bezos received the Gold Medal Award, recognized for serving the industry with distinction and achieving a national reputation for excellence.

Kohl’s senior EVP logistics Ken Bonning received the Silver Plaque Award. The award is presented to a senior executive with an NRF member company or retail-related organization who has achieved prominence in his or her individual field, and who has shown outstanding leadership in his or her NRF council or committee work, making a major contribution to the retail industry or to NRF.


Crocs president and CEO John McCarvel received the Retail Innovator of the Year Award, for successfully distinguishing himself as a retail pioneer through the use of new, innovative or imaginative techniques, formats or service.

Lululemon Athletica CEO Christine Day received the International Retailer of the Year Award for achieving international recognition for excellence in the company’s native country and internationally.


All award winners are selected by the NRF Award Committee.

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Jan-18-2013 10:30 am

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Wal-Mart appoints general counsel amid bribery allegations in Mexico

BY Katherine Boccaccio

Bentonville, Ark. — Wal-Mart Stores Inc. announced Thursday it has promoted Karen Roberts to EVP and general counsel, effective Feb. 1. Roberts’ predecessor Jeff Gearhart will focus his efforts on global compliance as Wal-Mart continues to deal with allegations of bribery in Mexico.

Roberts is a 17-year veteran of Wal-Mart and currently handles real estate operations for the retailer as EVP and president of Walmart Realty for Walmart U.S. In her new role, she will manage the legal department, which is responsible for handling all legal matters affecting the company in its domestic and international markets.

Prior to that, she was SVP and chief compliance officer for Walmart U.S.

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