Sears Holdings posts Q1 results, sees drop in Kmart same-store sales
HOFFMAN ESTATES, Ill. — Sears Holdings widened its loss during first quarter 2014 as it continues to move toward a member-centric, integrated model and invest in its Shop Your Way awards program. While progress continues, poor performance in its consumer electronic business and grocery and household items hampered sales at Kmart stores.
“Our performance in the first quarter highlights the challenges we are facing, as well as the progress we are making in this transformation. We are moving away from a company that was heavily based on selling products solely through a store-based network to a member-centric business model focused on providing benefits to our members anytime and anyplace,” said Edward Lampert, Sears Holdings’ chairman and CEO. “We are seeing progress in our transformation to a member-centric, integrated retailer as we continue to invest heavily in driving our Shop Your Way program. Member sales for the first quarter represented their highest level ever, representing 74% of eligible sales.”
The company posted a net loss of $402 million compared with a loss of $279 million in the year-ago period.
Revenues decreased $573 million to $7.9 billion for the quarter ended May. 3. The revenue decrease included the effect of having fewer Kmart and Sears full-line stores in operation, which accounted for about $185 million of the decline.
At Kmart, same-store sales decreased 2.2% compared with a 4.6% last year. The decline at Kmart was largely driven by declines in the consumer electronics and grocery and household categories. Excluding the impact of both, same-store sales would have declined 0.4%.
Mizkan to acquire pasta sauce brand from Unilever
AICHI PREFECTURE, Japan and TOKYO — Mizkan Group, a condiment manufacturer, on Thursday announced that it has entered into an agreement with Conopco, a Unilever subsidiary, to acquire the Ragu and Bertolli pasta sauce brand. Mizkan will pay $2.15 billion. The North American pasta sauce market is a robust and attractive category valued at over $2 billion, the company noted.
"We are very pleased to welcome Ragu and Bertolli, two of America’s most well-known brands, to the Mizkan family," said Kazuhide Nakano, chairman and CEO Mizkan Holdings Co. "This transaction represents an important milestone in our global expansion strategy. We are confident that this transaction allows us to further achieve our objectives of diversification and expansion of our international footprint. Mizkan is strongly committed to the long-term growth of Ragu and Bertolli, and we will work to help ensure that both brands continue to grow and prosper. We believe this acquisition will create more opportunities for our company and our workforce, including Ragu and Bertolli’s talented employees, and create significant value for our global stakeholders."
The transaction will include two production facilities — a sauce processing and packaging facility located in Owensboro, Ky., and a tomato processing facility located in Stockton, Calif.
Mizkan said it expects to finance the deal with proceeds of a new financing facility.
NABP names new executive committee officers
MOUNT PROSPECT, Ill. — The National Association of Boards of Pharmacy made a number of changes to its executive committee on Wednesday during the association’s NABP Annual Meeting in Phoenix.
The newly elected officers of the NABP Executive Committee are president-elect Edward McGinley, a member of the New Jersey State Board of Pharmacy, and treasurer Hal Wand, executive director of the Arizona State Board of Pharmacy. Jay Campbell IV, executive director of the North Carolina Board of Pharmacy; Phillip Burgess, a member of the Illinois State Board of Pharmacy; and Richard Mazzoni, a member of the New Mexico Board of Pharmacy, were elected to three-year member terms.
NABP also announced that Gay Dodson, has been named honorary president for 2014 for her commitment to NABP and the boards of pharmacy,her commitment to protecting public health and her commitment to the Association’s initiatives.
At the conclusion of the Annual Meeting, Joseph Adams, a past member of the Louisiana Board of Pharmacy, assumed the office of NABP president, and Karen Ryle, a member of the Massachusetts Board of Registration in Pharmacy, assumed the position of chairperson of the Executive Committee.
Adams was sworn in as the 110th NABP president after serving one-year terms as the Association’s president-elect and treasurer. Prior to that, Adams served as a member of the NABP Executive Committee representing District 6 for three years. After his presidency concludes, he will serve a one-year term as chairperson of the Association’s Executive Committee.
Adams was a member of the Louisiana Board of Pharmacy from 2000 to 2013 and served on several Board committees including serving as chair of the Reinstatement Committee and as a member of the Violations Committee, the Regulations Revision Committee and the Executive Committee. Additionally, Adams has been a Walgreens employee since 1977, when he began as a clerk. After completing an internship at a Walgreens pharmacy and receiving his pharmacy license, Adams moved up the ranks from staff pharmacist, to pharmacy manager, to district pharmacy supervisor. He has worked at the Walgreens pharmacy in Covington, La., for more than 10 years and is currently a staff pharmacist.
An active member of NABP, Adams has served as Executive Committee liaison to the Advisory Committee on Examinations, a member of the NABP Committee on Law Enforcement/Legislation and a member of the NABP Task Force on Continuous Quality Improvement, Peer Review and Inspecting for Patient Safety.
Among his other activities, Adams has served as a member of the Louisiana Medicaid Pharmacy and Therapeutics Committee and the Health Care Reform Region 9 Consortia. He also was a delegate to the 2004 Louisiana Health Care Summit. He is an active member of the Louisiana Pharmacists Association, the Louisiana Pharmacy Congress and the National Association of Chain Drug Stores. Adams was named 2004 Chain Pharmacist of the Year by the Louisiana Pharmacists Association.
Adams earned his bachelor of science degree in pharmacy from Xavier University of Louisiana College of Pharmacy.
Ryle, who is the immediate past president of the NABP, assumed the office of chairperson of the Association’s 2014-2015 Executive Committee. Ryle had served one-year terms as the Association’s president, president-elect and treasurer, and four years as an Executive Committee member representing District 1. For her service, NABP bestowed its President’s Award upon Ryle during the Annual Awards Dinner at the 110th Annual Meeting.
An active member of NABP, Ryle has served on several Association committees including the Advisory Committee on Examinations, the Committee on Constitution and Bylaws, and the Committee on Law Enforcement/Legislation. She has also served as a member of numerous task forces including the Task Force to Review and Recommend Revisions to the Controlled Substances Act, the Task Force on Electronic Prescribing Software Standards and Data Storage, and the Task Force on Uniform Prescription Labeling Requirements.
Ryle is currently serving the fourth year of a five-year appointment as a member of the Massachusetts Board of Registration in Pharmacy. She also served as a member of the Massachusetts Board from 1998 to 2008. During that time she served as chairperson of the Board’s Pharmacy Compounding Committee as well as on the Task Force on Pharmacy Technicians. Ryle is an associate chief of pharmacy for ambulatory care at Massachusetts General Hospital, and also serves as adjunct faculty and an advanced pharmacy practice preceptor at the Massachusetts College of Pharmacy and Health Sciences.
Recipient of the 2010 Massachusetts Health-System Pharmacists Humanitarian Award and the 2013, 2012 and 2011 Partners in Excellence Award for Community Service in Health Care, Ryle has been actively involved as a leader in local pharmacy associations and community health organizations. As part of the Harvard Humanitarian Initiative, Ryle has served as a volunteer at the American Refugee Committee Tent Camp Clinic in Haiti.
As an appointee to the United States Department of Homeland Security, Ryle served as a member of the National Pharmacist Response Team from 2003 to 2008, and she currently serves on the Massachusetts Disaster Medical Response Team. Further, while supporting runners as part of a volunteer medical team at the 2013 Boston Marathon, she aided victims of the tragic bombings that occurred during the event.
Ryle earned a bachelor of science degree in pharmacy and a master of science degree in drug regulatory affairs from Massachusetts College of Pharmacy and Health Sciences.
McGinley was elected to serve as the 2014-2015 president-elect of NABP. Prior to the election, McGinley served a one-year term as the NABP treasurer. He also served a three-year term as an Executive Committee member representing District 2.
McGinley is a member of the New Jersey State Board of Pharmacy, and has served as either president or VP of the Board for 12 of the 14 years he has been a member. In addition, McGinley is the VP pharmacy at Chain Drug Consortium. Prior to this, McGinley was employed by a community pharmacy corporation, both as a practicing pharmacist in the retail environment, and in information technology and executive management at the corporate level, for more than 35 years.
An active member of NABP and the New Jersey Board, McGinley has served on several task forces and committees. Most recently, he served as the NABP Executive Committee liaison to the Task Force on the Control and Accountability of Prescription Drugs and the Task Force on Drug Return and Reuse Programs. He is also a member of the Standards Oversight Committee of the Center for Pharmacy Practice Accreditation. McGinley has also served as chairperson of the NABP Committee on Constitution and Bylaws and as a member of the Task Force on Prescription Monitoring Program Standards and the Task Force to Develop Recommendations to Best Reduce Medication Errors in Community Pharmacy Practice. As chairperson of the New Jersey State Board of Pharmacy Rules and Regulations Committee, he facilitated the development of several new regulations and standards, and also facilitated the adoption of a new Pharmacy Practice Act.
McGinley has also been active in many pharmacy associations and pharmacy education initiatives. He is a member of the New Jersey Council of Chain Drug Stores and was awarded the Pharmacist of the Year Award by NJCCDS in 2002. He is a member of the New Jersey Pharmacists Association and the National Community Pharmacists Association. In addition, he has taught as a guest lecturer at Ernest Mario School of Pharmacy, Rutgers University.
McGinley earned his bachelor of science degree in pharmacy from Temple University College of Pharmacy, and earned a master of business administration from Temple University Fox School of Business. He was also a fellow at The Wharton School and Leonard Davis Institute of Health Economics, University of Pennsylvania.
Wand was elected to serve as the 2014-2015 treasurer of NABP. Prior to the election, Wand served for two three-year terms as an Executive Committee member representing District 8.
Currently the executive director of the Arizona State Board of Pharmacy, Wand began his employment with the Board in 1989 as a compliance officer, before becoming deputy director in 1994 and executive director in 2003. Prior to joining the Board, he worked as a hospital pharmacist, long-term care pharmacist and community pharmacist.
An active member of NABP, Wand served as Executive Committee liaison for the Committee on Law Enforcement/Legislation and served as a member of the Task Force on Telepharmacy and the Implementation of the Medicare Drug Benefit Medication Therapy Management Provisions. In addition, he is certified as an NABP Verified Internet Pharmacy Practice SitesCM surveyor, and has conducted on-site surveys in four states. Wand has also consulted with Canadian officials regarding the importation of prescription drugs, and developed and reviewed questions for the Multistate Pharmacy Jurisprudence Examination. Further, Wand served as the secretary and treasurer for District 8 for several years.
Among his other activities, Wand served as a member of the College of Pharmacy National Advisory Board for the University of Arizona and was an elected member of local elementary and high school boards.
Wand was honored with the Service to Pharmacy award by the Arizona Pharmacy Alliance in 2005. He also received a Distinguished Alumni Award from the University of Arizona College of Pharmacy in 2008 and a Bear Down Award from the University of Arizona Alumni Association in 2006. In 2012, he received the Bowl of Hygeia award for outstanding community service.
Wand earned his bachelor of science degree in pharmacy from the University of Arizona and his master of business administration degree from the University of Phoenix.
Honorary president Dodson began her career in 1969 as a staff pharmacist at Garland Pharmacy in Garland, Texas. Two years later, she became the pharmacist-in-charge at a Revco pharmacy in Lancaster, Texas. Dodson joined the Texas State Board of Pharmacy as a compliance officer in 1982, and has been the executive director/secretary of the Board for the last 17 years. Prior to that, Dodson held various positions with the Board, including senior compliance officer and director of compliance.
A dedicated member of NABP, Dodson served as a member of the Committee of Law Enforcement/Legislation in 2011, and again in 2012, and as chair in 2004. She also served as chair of multiple task forces, including the Miscellaneous Topics Subgroup of the Task Force to Review and Recommend Revisions to the Controlled Substances Act, the Task Force on Prescription Monitoring Program Standards, and the Task Force on Standardizing Student Pharmacist Experiential Requirements. She has also served as an item reviewer for the Association’s Multistate Pharmacy Jurisprudence Examination, and as the coordinator for two District 6 meetings held in Texas. For her service to the Association, Dodson received the NABP Lester E. Hosto Distinguished Service Award in 2007.
Dodson is also an active member of several other pharmacy associations at the national, state and local level, including the American Pharmacists Association and the American Society of Health-System Pharmacists. She is the current chair of the Texas Health Professions Council, and has served on multiple committees for the Texas Pharmacy Association. Among her many awards, Dodson has received the Outstanding Women in Texas Government award from the State Agency Council to the Governor’s Commission for Women, and the Distinguished Service Award from the Texas Society of Health-System Pharmacists.
She is a life-member of the University of Texas College of Pharmacy Alumni Association, and was appointed to the Texas State Employees Charitable Campaign Policy Committee on three separate occasions. She has been a volunteer with the Meals on Wheels and More program since 2000.
Dodson earned her bachelor of science degree in pharmacy from the University of Texas in 1969.