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Costco sees slight lift in Q3 sales, net income

BY Antoinette Alexander

ISSAQUAH, Wash. — Costco experienced a slight lift in sales during the third quarter as total comparable sales slipped 1%.

For the 12 weeks ended May 10, net sales increased 1%, to $25.52 billion, from $25.23 billion last year. Total same-store sales declined 1% as U.S. comparable sales inched up 1%.

Net income for the quarter was $516 million, or $1.17 per diluted share, compared with $473 million, or $1.07 per diluted share, last year.

Costco currently operates 673 warehouses, including 474 in the United States and Puerto Rico, 89 in Canada, 35 in Mexico, 26 in the United Kingdom, 20 in Japan, 11 in Korea, 10 in Taiwan, seven in Australia and one in Spain. The company plans to open up to an additional 15 new warehouses (including one relocation) prior to the end of its fiscal year on Aug. 30.
 

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Dollar General taps COO Todd Vasos as new chief executive

BY Marianne Wilson

GOODLETTSVILLE, Tenn. — Dollar General on Thursday named Todd J. Vasos, COO, to the position of chief executive, effective June 3. He has also been elected to the board.
 
Vasos will succeed Rick Dreiling, chairman and CEO, who had previously announced his retirement plans. Dreiling will remain on the board for the remainder of his term and will serve as senior advisor and chairman of the board through January 29, 2016.
 
The election of Vasos to Dollar General’s board will bring the total number of directors to nine.
 
“Todd (Vasos) is a proven leader and the right person to guide Dollar General as it enters this next chapter in the company’s history. With Todd’s appointment as CEO and Rick’s continued service, we ensure the continuation of both the leadership and strategy that have made Dollar General a retail powerhouse,” said Mike Calbert, lead director, Dollar General, which operates 11,999 stores in 43 states.
 
Vasos joined Dollar General in December 2008 as executive VP, division president and chief merchandising officer. He was promoted to COO in November 2013.
 
Prior to joining Dollar General, Vasos served in executive positions with Longs Drug Stores Corporation for seven years. He also previously served in leadership positions at Phar-Mor Food and Drug Inc. and Eckerd Corporation.
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99 Cents Only Stores names Andrew Giancamilli interim president and CEO

BY Michael Johnsen

CITY OF COMMERCE, Calif. – 99 Cents Only Stores announced Tuesday that Andrew Giancamilli, the chairman of the company’s board of directors, is assuming the role of interim president and CEO, replacing Stéphane Gonthier, who has resigned. A board member since 2012, Giancamilli was appointed as chairman on April 20, 2015 to help guide the company through its next phase of growth based on his extensive experience in leading several retail businesses.
 
“We would like to thank Stéphane for his service. He has been instrumental in leading 99 Cents Only Stores through a transformative period of dynamic change,” stated David Kaplan, a member of the board of directors and senior partner of Ares Management. “The board of directors is looking forward to having Andy on the team with our dedicated ‘99ers’ as we continue to expand our unique brand of extreme value.”
 
“In my role on the board over the past three years and more recently as chairman, I have gained a deep understanding of the drivers of the 99 Cents Only business and its distinctive and passionate corporate culture. I look forward to working with the members of the senior management team and the board to ensure a smooth transition,” Giancamilli said. “Our plan during this time is to continue business as usual while we work to execute on the company’s growth strategies as one of the leading extreme value retailers in the country.”
 
Giancamilli brings more than 30 years of experience in leading large retail businesses. He served for more than eight years as president and CEO of Katz Group Canada, the Canadian subsidiary of the Katz Group of Companies, operators of over 1,800 traditional drug stores in Canada. Prior to that, Giancamilli was with Canadian Tire Corporation, a Canadian retail conglomerate and was also president and COO at Kmart Corporation. He has also held senior leadership positions at Perry Drug Stores, a U.S.-based drug store chain, where he began his career in 1975.
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