The acquisition of Long’s 521 locations — in a $2.54 billion deal — will bolster CVS’s presence in California and make it the number one drug operator in Hawaii. The New York Times (August 12, 2008)
Drug store operator Jean Coutu Group (PJC) Inc., with a 32% ownership share of Rite Aid, has realized a loss of $20.2 Million.
The Globe & Mail
Aldi opened environmentally friendly store in East Syracuse, N.Y. on Monday. The store boasts LED lighting in the coolers, more efficient refrigeration technologies, and a 30% reduction in utilities. Aldi also has a “no bag” policy in order to reduce unnecessary waste. The store is intended to showcase the chain’s new [...]
April same-store sales at Walgreen Co. rose 1.6%, although front-end, same-store sales fell 3.1%. Sales for the period suffered from the shift of Easter to March in 2008. Dow Jones Newswire
The pharmacy and pharmacy services company joins a list of retailers abandoning the longstanding practice of reporting monthly store sales or forecasting annual profits. Starbucks, Macy’s, J.C. Penny and Jos. A. Bank have become similarly stingy with sales data or forecasts. The New York Times (Apr. 17, 2008)
Profits rose by 5% from the prior-year period, and revenues by 11%, aided in part by the extra selling day of leap year. Same-store sales increased by 4.7%, while comparable front-end sales increased by 4%. The Wall Street Journal (Mar. 24, 2008) Paid subscription may be required.
April 1st is the date the retailer’s Casual Gear line of clothing will be available for sale in most all of Walgreens’ 6,237 stores. The merchandise will be displayed in a separate area of the store, in six or nine foot sections. Initial advertising efforts supporting the new line are expected to be modest. The Wall [...]
The suit, brought by a whisle-blowing pharmacist, alleged that CVS improperly switched Medicaid customers to a more-expensive form of a drug in order to receive a higher level of reimbusement from the government program, which provides health care to low income Americans. CVS said the $36.7 million settlement would not affect its 2008 earnings. It will, however, [...]
Walgreens has announced plans to acquire two worksite health centers — Pennsylvania-based I-trax and Ohio-based Whole Health Management — and to fold them, along with existing Walgreens in-store clinics, into a new Walgreens Health and Wellness division. When the transactions close, Walgreens will operate more than 500 worksite and retail health centers in 40 states. [...]
Since supermarket sales are down for magazines, wholesalers are finding alternative venues where the demand for magazines is strong. Places such as Costco and Sam’s Club and other clubs are a great place to sell monthlies. And dollar stores, like Dollar General, sell a good amount celebrity weeklies. One reason magazines tend to do well in [...]