Tuesday Tipsheet: CVS +3.3% | Kroger Disappoints Sen. | Target’s New S.Valley Office


“Target opens office in heart of Silicon Valley” by Kavita Kumar at Star-Tribune.  “The 7,000-square-foot Sunnyvale office will initially have about 15 employees, but could one day have upward of 70, Baeb said. The new space, which held a small open house on Monday night, will also provide a home base for Target executives from Minneapolis when they fly out to California to meet with technology partners.” Read more


“Walgreen CFO replaced by Kraft Foods Exec” at Chicago Bus. Journal.  “Walgreen Co. CFO Wade Miquelon is no longer in that post after serving in that role since 2008. The Chicago Tribune contacted Miquelon, who declined to comment on his situation, though the retailer characterized it as “amicable.” Miquelon has been replaced at Walgreen by Timothy McLevish, most recently the CFO of Kraft Foods Group.” Read more  Press release


“Target cuts outlook on charges from data breach, debt” at MarketWatch.  “Target Corp. shares fell more than 3% in premarket trade Tuesday, after the company lowered its second-quarter earnings outlook because of charges stemming from last year’s data breach and the retirement of debt. The retailer said it expects the gross costs of the data breach to come to $148 million, which will be partially offset by a $38 million insurance receivable.” Read more


“Walmart expands new price-match program to include produce” at News Observer. “Walmart stores today added fruits and vegetables to the list of items it will price match with its new Savings Catcher program.” Read more


“CVS Q2 Comp Sales +3.3% (Front End -.4%)” “The Company raised and narrowed its earnings guidance range for the full year 2014. The Company now expects to deliver Adjusted EPS of $4.43 to $4.51, up from $4.36 to $4.50.” Read the release


“Can this startup kill off the supermarket?” by Beth Kowitt at Fortune.  “Farmigo, a small farm-delivered food service, has an audacious dream: It thinks it can help wipe out the likes of Kroger and Albertsons…If Ronen’s vision for the future becomes a reality, in 10 years you’ll get all of your non-perishables from the likes of Amazon, while a service like Farmigo will answer all of your fresh needs. Neighborhood stores will act as gap-fillers for last-minute purchases.” Read more


“Kroger disappoints WV Sen. Joe Manchin on meth” by Eric Eyre at WV Gazette.  “I am so disappointed that Kroger has failed to address this [meth lab] problem proactively by refusing to terminate sales of the cold medicines most frequently used to make meth,” Manchin said. “I truly hope Kroger reconsiders its decision.” Read more


“Walmart’s U.S. Manufacturing Summit Starts Next Thursday in Denver” Read the release


Boston: “Few attend Market Basket job fair” by Jack Newsham & Casey Ross at Boston Globe. “About 60 demonstrated outside the job fair, which was held at company offices in Andover. Attendees of the job fair arrived to protesters’ taunts of “Scab!” “Don’t cross the line!” and “They’re just going to fire you later.” Only a handful of applicants visited the job fair.” Read more


“Macy’s announces store closings” by Erin Caproni at Cincinnati Bus. Journal.  “Macy’s Inc. is closing two of its U.S. stores. The Cincinnati-based company’s spokesman, Jim Sluzewski, said the store closings in Bradenton, Fla., and York, Pa., are isolated incidents.” Read more


“Behind the scenes: Opening a Walmart Supercenter” by Kim Souza at The City Wire.  “It takes about 5.5 weeks to set up a store before opening. Aside from Coca Cola and Pepsi, who bring in and set up their own displays, my associates will stock the vast majority of the store. Wal-Mart builds all the modular displays as we stock them from unloading the trucks to stacking up the shelves,” Curtis-Swenson said.” Read more


“Sycamore offers new hope for Sears Canada” by James Covert at NY Post.  “Sears Canada has a fighting chance to avoid liquidation — and it may rest with New York retail impresario Stefan Kaluzny…Kaluzny “never overpays for anything and this would be no exception,” someone briefed on the situation said. “It’s probably still as likely as not that Sears Canada goes away.” Read more


“Office Depot Comp Sales Down 3% in Q2, Will Shutter 165 stores in 2014” “Total reported sales for the second quarter of 2014 were $3.8 billion compared to $2.4 billion in the second quarter of 2013, reflecting the inclusion of OfficeMax sales in 2014, and were 2% lower than combined pro forma sales of $3.9 billion in the second quarter of the prior year.” Read the release


“Etsy CEO on CBS This Morning ‘It’s a Farmer’s Market not a Supermarket’ “ “Etsy CEO Chad Dickerson joins the “CBS This Morning” co-hosts to discuss the secret behind their sellers’ success.” See the video interview



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