Increased traffic drives up Dollar Tree’s Q3 results
Increased customer traffic helped drive Dollar Tree’s third-quarter results. The retailer cited growth in consumer basics, as well as seasonal and variety merchandise, and said its higher-margin variety categories are growing at a faster pace.
The company reported consolidated net sales for the quarter of $1.9 billion, a 9.5% increase from $1.72 billion for the year-ago quarter. Comparable store sales increased 3.1%.
“I am pleased with our performance in the third quarter,” said CEO Bob Sasser. “Our comparable-store sales increase was driven principally by increased customer traffic, as new customers are finding Dollar Tree to be part of their solution to balance their household budgets. Our stores executed a quick transition from Halloween and are set with fresh, high-value merchandise for Thanksgiving and the Holiday season.”
During the third quarter, Dollar Tree opened 117 stores, expanded or relocated 19 stores and closed 6 stores. The company operates 4,953 stores in 48 states and 5 Canadian Provinces as of Nov. 2.
Estimated sales for the fourth quarter are anticipated to be in the range of $2.25 billion to $2.31 billion, based on a range of low-single digit positive comparable store sales.
Care Pharmacies appoints two new board members; re-elects two others
LINTHICUM, Md. — Care Pharmacies Cooperative on Thursday announced the addition of two new members to its 2014 board of directors, with two incumbents rejoining for an additional term.
Mark Jensen — a corporate attorney in Baltimore who leads the transactional department at Bowie & Jensen, a law-firm he co-founded in 1992 — was appointed to serve a three-year term. Jensen earned his bachelor of arts degree from Hamline University in 1980 and his law degree from the University of New York at Buffalo Law School in 1985. Jensen also currently serves on the board of directors for the MedStar Health System in Baltimore.
Jeff Dunn also was appointed to serve on the board for a three year term. Dunn currently serves as SVP for VRx, an integrated pharmacy services management company that incorporates PBM functions, P&T/formulary management, medication therapy management/integrated care management and government functions for commercial and Medicare Part D employer groups and health plans. Dunn earned his doctor of pharmacy degree from the University of Utah College Of Pharmacy and his master of business administration degree from the David Eccles School of Business at the University of Utah.
John Coster was re-elected to serve a three-year term on the board. Coster currently is the senior director government relations for the Safety Net Hospitals for Pharmaceutical Access. Coster is responsible for maintaining and building relationships with members of Congress and directing SNHPA’s advocacy efforts. Coster also served as SVP government affairs for the National Community Pharmacists Association and as the VP federal affairs and public policy for Rite Aid. Coster also previously served on the policy and regulatory staff of the National Association of Chain Drug Stores.
Michael Kim also was re-elected to serve a three-year term. Kim attended the University of Maryland at College Park for undergraduate studies and graduated with a doctorate in pharmacy from Howard University College of Pharmacy. He currently owns Grubb’s Pharmacy, Psych CARE Pharmacy, Jessup CARE Pharmacy, Grubb’s NW Specialty Pharmacy, Grubb’s SE Pharmacy & Mini-mart and Ellicott City Pharmacy. Kim is the current vice chairman of the Care Pharmacies board of directors, and the newly elected VP of the DC Pharmaceutical Association and board member for the APhA Editorial Advisory Board of Pharmacy Today magazine.
Bloomberg: Greg Wasson joins thought leaders to discuss the state of health care in the United States
CHICAGO — At Bloomberg’s The Year Ahead: 2014 conference at the Art Institute of Chicago on Thursday, Walgreens president and CEO Greg Wasson joined a group of health care thought leaders to discuss the state of healthcare in the United States.
Wasson suggested large employers, or at least Walgreens, will continue to provide high-quality benefits in an effort to attract high-quality employees on one hand and to lower healthcare costs for both Walgreens and its employees on the other. "One of the things we just did … we actually went out into the competitive marketplace and worked with a private exchange," he said. "The competitive marketplace is a good place to be. It also increased the options for our employees — they had two health plan options a year ago; now they have 25."
Led by Bloomberg View columnist Lanhee Chen, Wasson was flanked by former U.S. Senate majority leader William Frist, Mayo Clinic CEO John Noseworthy, Boston Consulting Group partner Michael Ringel, John Hopkins Medicine CEO Paul Rothman, and Thompson Holdings CEO Tommy Thompson.