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Cardinal Health approves quarterly dividend, announces board leadership changes

BY Michael Johnsen

DUBLIN, Ohio – Cardinal Health on Wednesday announced that its board of directors approved a cash dividend of $0.34 per common share payable on Oct. 15, 2014, to shareholders of record at the close of business on Oct. 1, 2014.
 
The board of directors also authorized an increase by $1 billion to its existing share repurchase program announced on Oct. 31, 2013.  With this addition, the Cardinal Health program has approximately $1.7 billion available for share repurchases and expires on Dec. 31, 2016. 
 
Also, John Finn, a Cardinal Health director since 1994, has informed the company that he has decided not to stand for re-election when his term expires at the 2014 annual meeting of shareholders. Effective Nov. 1, 2014, the board has appointed Gregory Kenny as lead director and chair of the Nominating and Governance Committee. Kenny, who has served as a director since 2007, will succeed Finn, lead director since 2009 and chair of the Nominating and Governance Committee since 2012.
 
"John's impact on Cardinal Health is incalculable. For two decades, John has been a source of insight, experience, instinct and collaboration," stated George Barrett, chairman and CEO of Cardinal Health. "As lead director, he has played an extremely influential role on our board and has been an extraordinary partner to me. I've come to depend on his keen judgment. I know I speak for all of us in wishing John the very best."
 
In addition, effective Nov. 1, David King will become chair of the Human Resources and Compensation Committee. Clayton Jones also has assumed the role of chair of the Audit Committee.  
 
 
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Costco sees lift in July sales

BY Antoinette Alexander

ISSAQUAH, Wash. — Costco reported on Thursday a boost in net sales and same-store sales during the month of July.

Net sales totaled $8.55 billion for the four weeks ended Aug. 3, an increase of 9% from $7.87 billion during the similar four-week period last year.

Same-store sales increased 5%, while U.S. same-store sales also increased 5% during the period.

For the 48 weeks ended Aug. 3 net sales were $101.43 billion, an increase of 7%. During the 48 weeks, same-store sales increased 4%. In the United States, same-store sales rose 5%.
 

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Delhaize Group sees ‘strong’ comp growth in U.S. during Q2

BY Antoinette Alexander

BELGIUM — Delhaize Group announced on Thursday that U.S. same-store sales for the second quarter increased 3.3%.

In the U.S., revenue growth in local currency was 4.7%, including a 0.8% positive calendar impact.

“Our operating performance in the second quarter was in line with our expectations. In the U.S., comparable store sales growth remained strong, driven by momentum at Food Lion and Hannaford. Our U.S. underlying operating profit began to stabilize as we started to cycle last year’s price investments,” stated Frans Muller, president and CEO of Delhaize Group.

For the Delhaize Group, revenues increased by 0.5% and 3.7% at actual and identical exchange rates, respectively. Organic revenue growth was 3.7%.

Net loss from continuing operations was €44 million compared with a net profit from continued operations of €107 million in last year’s second quarter. This resulted in a €0.44 basic loss per share compared with €1.07 basic earnings per share in the second quarter of 2013.
 

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