OPERATIONS

Walgreens executives outline growth strategies at annual meeting

BY Marianne Wilson

Deerfield, Ill. — Walgreens’ chairman Alan G. McNally, president and CEO Gregory D. Wasson and executive VP and CFO Wade D. Miquelon on Wednesday outlined the company’s strategies for growth and value creation for shareholders at the chain’s annual shareholders meeting.

“As our broad-based transformation continued to accelerate and gain momentum, fiscal 2011 was a year of strong performance for Walgreens with record sales and earnings, double-digit growth in earnings per share in all four quarters and a dividend increase of more than 28% – the largest in the company’s history,’ McNallly said.

Walgreens for fiscal 2011 recorded $72.2 billion in sales, $20.5 billion in gross profit and $2.94 in earnings per diluted share. In addition, cash flow from operations was $3.6 billion.

CEO Wasson told shareholders that Walgreens is stepping out of the traditional drug store format and creating “something unique, new and special.

“Our opportunity now is to combine the best locations in America with an outstanding customer and patient experience – what we call the ‘Well Experience,” he said. “Our new pilot drugstore format supports our vision of becoming My Walgreens for everyone in America, the first choice for health and daily living.”

Walgreens latest example of its “Well Experience” stores is its new flagship in Chicago’s Loop. The store features an enhanced, state-of-the-art pharmacy designed to encourage greater interaction between pharmacists and patients; a Take Care Clinic offering a wide range of health care services including vaccinations, health tests, physicals and treatments for common illnesses and minor injuries; an Upmarket Café featuring a juice bar and fresh hand-rolled sushi; and a Look Boutique beauty department featuring dozens of prestige and niche cosmetic, skincare and hair care brands not typically found in drugstores.

The pilot program for Walgreens “Well Experience” store format includes more than 20 locations in the Chicago area. On Jan. 19, the company takes the next step with its “Well Experience” format when it celebrates the grand re-opening of all of its Indianapolis market stores, which recently finished their conversion to the new pilot format.

“With these innovative changes, we can more easily and quickly expand the scope of services we can offer in our drugstores, such as immunizations and vaccinations, and acute and primary care,” Wasson said. “This is what we mean when we say we are advancing the role community pharmacy plays in health care in America.”

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OPERATIONS

Tony Mancini appointed president of Alex Cannon

BY Marianne Wilson

New York City — CM Design Studio announced that Tony Mancini has been appointed president of its Alex Cannon brand. The menswear brand is sold in shops at Lord & Taylor, Liverpool Mexico, and in better specialty stores nationwide.

“Tony will focus on the alignment of our strategic business goals; brand development, and leverage overall sales/ planning, operations and marketing for the brand,” commented Chandresh Mehta, CM Design Studio chief executive. “Our aim is to significantly improve service to our clients and customers.”

Mancini previously served as senior VP of capital Improvements for the MGM Mirage Design Group in Las Vegas, leading the development of 16 MGM MirageE Casino Resorts in their entirety, and, senior VP of retail store development for Walt Disney Parks and Resorts and Walt Disney Imagineering’s worldwide retail portfolio of 11 theme parks, over 40 resorts and 2 cruise line ships.

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Glen Senk named CEO of David Yurman

BY Marianne Wilson

New York City — David Yurman on Wednesday announced that Glen T. Senk will join the fine-jewelry company as CEO, effective Feb. 27. Senk, who on Tuesday announced he was stepping down as CEO of Urban Outfitters, will take an ownership stake in the privately owned company.

“We have known and respected Glen for more than a decade — as much for his creative vision and inspired leadership as for his exceptional management and operational ability. His arrival will allow us to truly focus on what we love doing – designing – while we collectively build an even greater global brand and the company we’ve always wanted,” said founders David and Sybil Yurman.

Senk, 55, joined Urban Outfitters in 1994 as president of its Anthropologie brand. He was named CEO in 2007. Prior to joining the company, Senk served as senior VP and general merchandise manager of Williams-Sonoma, Inc. and CEO for the London-based Habitat International Merchandise and Marketing Group.

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