Some Sam's Clubs stop tobacco sales

Sam's Club -- the warehouse division of Walmart Inc. -- has stopped selling tobacco products at some of its locations, according to company executives.

Walmart Chief Executive Officer Doug McMillon and Chief Financial Officer Brett Biggs discussed the decision this week during the company's fourth-quarter earnings call but did not elaborate on how many clubs have discontinued tobacco sales or where those stores are located. Sam's Club declined further comment Thursday.

Biggs said the loss of tobacco sales from some clubs and the closing of 63 Sam's Club stores will cut $6.3 billion in revenue.

The company has said it is focusing on core members, budget-conscious shoppers earning $75,000 to $125,000 a year.

Sam's Club is not the first retailer to pull tobacco products. CVS Health stopped selling tobacco in 2014 because it conflicted with its health care strategy. Costco removed tobacco products from most of its stores in 2016.

-- Robbie Neiswanger

Murphy Oil names Looney new CFO

David R. Looney, a 38-year veteran of deep-water exploration, will be Murphy Oil's next executive vice president and chief financial officer, the El Dorado-based company announced.

Looney will succeed John W. Eckart, who recently announced his plans to retire. Looney, who was elected to the position by the company's directors, will start March 1.

Eckart, who spent 28 years with the company, will continue working during the transition.

Roger W. Jenkins, Murphy's president and chief executive officer, said in a statement that Looney has a "broad range of leadership roles at both offshore deepwater Gulf of Mexico and U.S. onshore unconventional exploration and production companies."

Looney has a bachelor's degree in applied mathematics and a master's in economics, both from Texas A&M University.

-- Stephen Steed

State index up 2.12 to close at 409.19

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, climbed 2.12 to 409.19 Thursday.

"Stocks failed to sustain early morning gains for the third straight day as the real estate and energy sectors outperformed the broad market with the S&P 500 index rising slightly while the Nasdaq composite index closed lower," said Leon Lants, managing director at Stephens Inc. in Little Rock.

Total volume for the index was 30 million shares.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 02/23/2018

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