Shares outstanding will be cut by 10 to 20 times the current 830 million if the reverse split is approved by shareholders. The move is planned to boost the company’s share price back above $1.00 to avoid de-listing on the NYSE. “Rite Aid is among a number of companies whose shares have tumbled … [...]
News reports today indicate that CVS Caremark may complete its purchase of Longs Drug Stores as soon as today for $71.50 a share in cash (or about $2.5 billion), which would increase CVS’s 6,200 store locations by 520 — making CVS the largest drug operator. Supermarket News Oct. 20, 2008
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, [...]