Walgreens signs prescription drug program with Caterpillar
Deerfield, Ill. Walgreen Co. said Wednesday it signed a deal with Caterpillar to offer prescription drugs directly to employees of the world’s largest maker of construction and mining equipment.
The agreement is effective starting in 2010. Financial details were not disclosed.
Under the program, Caterpillar is given a Walgreens Proprietary Price List, which is based off of the cost Walgreens pays the drug companies.
“Transparency around pharmacy pricing, elimination of unnecessary and hidden costs in the prescription drug supply chain and the opportunity to effectively deliver lower cost solutions are in great demand by the employer community,” said Todd Bisping, Caterpillar’s pharmacy benefits manager.
The companies also agreed to explore ways of creating an integrated healthcare and pharmacy program.
Walgreens is also separately providing Caterpillar employees, dependents and retirees a discount on all Walgreens branded and non-branded products. The discount will be effective Jan. 1, 2010.
Michaels returns to profit in Q2
IRVING, Tex, Michaels Stores reported net income for the quarter ended Aug. 1 of $2 million compared with a $30 million loss for the quarter ended Aug. 2, 2008.
Net sales for the quarter ended Aug. 1 were $807 million, a 1.4% increase over last year’s net sales of $796 million. Same-store sales for the quarter declined 0.8%. According to Michael’s, this was due to a 7% decrease in average ticket and a 6.2% increase in transactions.
Finish Line establishes e-commerce div. and new president
INDIANAPOLIS, Minn. Finish Line announced that it has established a division to focus exclusively on its growing e-commerce channel. The new e-commerce division will be headed by Donald Courtney, who has been named president, e-commerce, effective immediately, reporting to Finish Line CEO Glenn Lyon. Before being appointed to this new post, Courtney was CEO/EVP of information systems and distribution, a position he has held since 2003.
The new division unites the Finish Line e-commerce advertising, design and content team, which was based in the marketing department, with the technology and operations team that was formerly part of the information systems group. Among other focus areas, the new e-commerce division will enhance FinishLine.com to enrich the customer experience and continue to expand its sales and profitability contribution.
“We increased online sales by 14% in the first quarter and look forward to building on that growth by establishing a focused e-commerce division that integrates content with technology under the guidance of Don Courtney, an experienced and proven leader. Don built our technologically advanced distribution and information systems infrastructure, and we are confident he is the right leader to take our e-commerce business to the next level as well,” said Finish Line CEO Lyon.