Content about Economy of the United States

January 31, 2014

Bad weather and a reduction in food stamps led to weaker-than-expected sales at Walmart and Sam’s Club, which — combined with greater than expected international expense — prompted an uncharacteristic preannouncement from the company that fourth quarter profits would be worse than expected.

BENTONVILLE, Ark. — Bad weather and a reduction in food stamps led to weaker-than-expected sales at Walmart and Sam’s Club, which — combined with greater than expected international expense — prompted an uncharacteristic preannouncement from the company that fourth quarter profits would be worse than expected.

January 30, 2014

The loss of the Walgreens contract was a key consideration in Cardinal Health's 12% decline in overall revenue for the company's second quarter 2014, George Barrett, Cardinal Health chairman and CEO, told analysts Thursday morning.

DUBLIN, Ohio — The loss of the Walgreens contract was a key consideration in Cardinal Health's 12% decline in overall revenue for the company's second quarter 2014, George Barrett, Cardinal Health chairman and CEO, told analysts Thursday morning. Revenue totaled $22.2 billion. The loss of the Walgreens contract totaled $5 billion. 

But Cardinal Health is bullish regarding its future. Cardinal Health increased its outlook for the next six months, raising its non-GAAP EPS range to $3.75 to $3.85. 

January 30, 2014

Elizabeth Arden has appointed former Procter & Gamble executive Rod Little to serve as EVP and CFO, effective April 1.

NEW YORK — Elizabeth Arden has appointed former Procter & Gamble executive Rod Little to serve as EVP and CFO, effective April 1.

January 30, 2014

Former Coca-Cola executive Scott Young has joined Hallmark Cards as VP strategic relationships and business development.

KANSAS CITY, Mo. — Former Coca-Cola executive Scott Young has joined Hallmark Cards as VP strategic relationships and business development.

He succeeds longtime Hallmark VP Vince Burke, who retires Jan. 31 after more than 30 years with the company.

January 29, 2014

Tough comparisons against a robust flu season last year and the continued lackluster economy may put a chill in pharmacy comps for the month of January, wrote Credit Suisse research analyst Ed Kelly.

NEW YORK — Tough comparisons against a robust flu season last year and the continued lackluster economy may put a chill in pharmacy comps for the month of January, wrote Credit Suisse research analyst Ed Kelly in a note published Wednesday. 

January 29, 2014

Kroger and Harris Teeter supermarkets announced that the merger transaction between the two companies was completed on Jan. 28, 2014.

CINCINNATI — Kroger and Harris Teeter supermarkets Wednesday morning announced that the merger transaction between the two companies was completed on Jan. 28, 2014. Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.

As of Jan. 28 shares of Harris Teeter common stock ceased to trade on the New York Stock Exchange.

January 29, 2014

Almost two-thirds of specialty pharmacy revenues are attributed to 1-of-3 companies, and the specialty pharmacy market is poised to explode, according to a Drug Channels Institute report.

PHILADELPHIA — Almost two-thirds of specialty pharmacy revenues are attributed to 1-of-3 companies, and the specialty pharmacy market is poised to explode, according to a Drug Channels Institute report released Tuesday. 

January 29, 2014

Target plans to carry on its Canadian expansion this year with nine additional stores, the majority of which will open in Ontario, although the retailer plans to open single stores in Quebec, Manitoba, Alberta and British Columbia.

MISSISSAUGA, ONTARIO — Target plans to carry on its Canadian expansion this year with nine additional stores, the majority of which will open in Ontario, although the retailer plans to open single stores in Quebec, Manitoba, Alberta and British Columbia.

 

 

January 28, 2014

Agilence, a provider of cloud-based exception reporting solutions, has announced that Brookshire Grocery has deployed Retail 20/20 reporting to reduce shrink and improve in-store operations.

MOUNT LAUREL, N.J. — Agilence, a provider of cloud-based exception reporting solutions, has announced that Brookshire Grocery has deployed Retail 20/20 reporting to reduce shrink and improve in-store operations.

"We needed a powerful reporting application to get the most out of our data and a team to help us drive it," stated John D'Anna, CIO for Brookshire Grocery. "After a six-month pilot, it was clear that Retail 20/20 was able to deliver a significant return on our investment."

January 28, 2014

The Walmart Foundation, Goodwill Industries International, National Disability Institute and United Way on Monday launched the 2014 MyFreeTaxes program, an initiative offering free online federal and state tax preparation in all 50 states.

BENTONVILLE, Ark. — The Walmart Foundation, Goodwill Industries International, National Disability Institute and United Way on Monday launched the 2014 MyFreeTaxes program, an initiative offering free online federal and state tax preparation in all 50 states. MyFreeTaxes provides free federal and state tax preparation and filing assistance, both online and in-person, to eligible households earning $58,000 or less a year. 

January 24, 2014

Procter & Gamble’s Gain brand is now offering consumers Gain flings!, a single-use laundry pac.

CINCINNATI — Procter & Gamble’s Gain brand is now offering consumers Gain flings!, a single-use laundry pac. The detergent is available in two varieties, Original Scent and Moonlight Breeze — a new scent that Gain is adding to its laundry portfolio. The product will launch during the 56th Annual Grammy Awards.

January 24, 2014

Procter & Gamble reported on Friday that second-quarter results were in line with company expectations, and solid growth is projected for the second half of the fiscal year.

CINCINNATI — Procter & Gamble reported on Friday that second-quarter results were in line with company expectations, and solid growth is projected for the second half of the fiscal year.

Second-quarter net totaled $22.3 billion, unchanged from the year-ago period. Organic sales grew 3%.

Diluted net earnings per share were $1.18, a decrease of 15% versus a base period that included a 21 cents per share holding gain resulting from P&G’s purchase of the balance of its baby care and feminine care joint venture in Iberia.

January 24, 2014

Target is looking to open a new, smaller — much smaller — store in the base of an apartment building currently under construction near the University of Minnesota campus that will serve as a test for the new format dubbed TargetExpress, the New York Times has reported.

Clearly, the trend toward smaller continues. First it was Walmart Express and then CityTarget’s 80,000- to 125,000-sq.-ft. footprint, and now the even tinier TargetExpress. In fact, taking a look back at DSN’s “12 for 2012” story, which examined trends and issues impacting retail pharmacy in 2012, smaller formats were highlighted as one trend to watch. Obviously, it’s still one to watch.

Target is looking to open a new, smaller — much smaller — store in the base of an apartment building currently under construction near the University of Minnesota campus that will serve as a test for the new format dubbed TargetExpress, the New York Times has reported.

January 24, 2014

Walmart health-and-wellness president John Agwunobi shared wide-ranging thoughts regarding the state of health care in America and ways in which the evolving marketplace is impacting Walmart customers.

ROGERS, Ark. — Walmart health-and-wellness president John Agwunobi shared wide-ranging thoughts regarding the state of health care in America and ways in which the evolving marketplace is impacting Walmart customers.
 

January 23, 2014

Due in part to the new Walgreens pharmaceutical business, AmerisourceBergen on Thursday reported revenue of $29.2 billion, up 38.5%, for its fiscal year 2014 first quarter ended Dec. 31.

VALLEY FORGE, Pa. — Due in part to the new Walgreens pharmaceutical business, AmerisourceBergen on Thursday reported revenue of $29.2 billion, up 38.5%, for its fiscal year 2014 first quarter ended Dec. 31.

“In our December quarter, we delivered solid results as we onboarded substantial new business,” Steven Collis, AmerisourceBergen president and CEO, said. “We performed well operationally, made meaningful progress through a significant working capital transition, and positioned ourselves well to meet our objectives for the fiscal year.”

January 23, 2014

The Walmart Foundation’s Colorado State Giving Program has awarded $321,000 to eight Colorado nonprofits that are helping to fund local programs to improve education, women’s economic empowerment and healthy eating, as well as to fight hunger.

DENVER — The Walmart Foundation’s Colorado State Giving Program has awarded $321,000 to eight Colorado nonprofits that are helping to fund local programs to improve education, women’s economic empowerment and healthy eating, as well as to fight hunger. The organizations include We Don’t Waste, Lapuente Home, Care and Share, Kids Aid, Project Angel Heart, Women’s Resource Agency, Broadway Assistance Center and Discover Goodwill of Southern and Western Colorado. 

January 22, 2014

McNeil Consumer Healthcare has returned approximately 75% of its OTC portfolio to store shelves, Alex Gorsky, Johnson & Johnson chairman and CEO, told analysts Tuesday.

NEW BRUNSWICK, N.J. — McNeil Consumer Healthcare has returned approximately 75% of its OTC portfolio to store shelves, Alex Gorsky, Johnson & Johnson chairman and CEO told analysts Tuesday. "Growth in the consumer segment was achieved in part as a result of our success in restoring a reliable supply of OTC products to the United States marketplace, and we’re starting to see them gain traction as well, once they’re back in the market," he said. Gorsky outlined a number of brands that have grown J&J's U.S.

January 22, 2014

In light of the changing healthcare landscape due to healthcare reform, Target is discontinuing part-time health insurance coverage for its stores’ part-time associates, beginning April 1, according to a report in Target’s Bullseye View.

MINNEAPOLIS — In light of the changing healthcare landscape due to healthcare reform, Target is discontinuing part-time health insurance coverage for its stores’ part-time associates, beginning April 1, according to a report in Target’s Bullseye View.

January 22, 2014

During the fall 2013 checkout scanning campaign at 47 Wegmans stores, hunger relief donations soared to a record $1.6 million, a 14% increase over the fall 2012 total, the grocer reported.

ROCHESTER, N.Y. — During the fall 2013 checkout scanning campaign at 47 Wegmans stores in Maryland, New Jersey, the Greater Rochester region of New York , Eastern Pennsylvania and Virginia, hunger relief donations soared to a record $1.6 million, a 14% increase over the fall 2012 total, the grocer reported. 

“We’re grateful to our customers and employees for recognizing the vital role that food banks play in communities,” Linda Lovejoy, Wegmans community relations manager, said. “These results are a testament to remarkable generosity.”

January 21, 2014

Greenstone, a U.S.-based generic pharmaceutical subsidiary of Pfizer, on Tuesday announced the introduction of Sirolimus to its generic pharmaceutical product line.

PEAPACK, N.J. — Greenstone, a U.S.-based generic pharmaceutical subsidiary of Pfizer, on Tuesday announced the introduction of Sirolimus to its generic pharmaceutical product line. The product is offered in dosage strengths of 0.5mg x 100. 

Greenstone’s Sirolimus product is the authorized generic of, and equivalent to, Pfizer's Rapamune (sirolimus). 

January 21, 2014

Kroger on Tuesday named Jay Cummins president of the Smith's Food and Drug Stores division and Joe Fey president of Kroger's Mid-Atlantic division.

CINCINNATI — Kroger on Tuesday named Jay Cummins president of the Smith's Food and Drug Stores division and Joe Fey president of Kroger's Mid-Atlantic division.

January 20, 2014

According to published reports, Brookshire Brothers on Friday entered into an agreement to acquire the assets of David's Supermarkets, a 25-store chain located in North Central Texas.

LUFKIN, Texas — According to published reports, Brookshire Brothers on Friday entered into an agreement to acquire the assets of David's Supermarkets, a 25-store chain located in North Central Texas.

"We feel like these family-owned stores align with our core value that we are a celebration of family and community," stated Jerry Johnson, president and CEO of Brookshire Brothers.  

Brookshire Brothers operates 123 outlets including grocery stores, convenience stores, free standing pharmacy, tobacco and petro locations.

January 20, 2014

Kroger and Harris Teeter Supermarkets on Friday announced that the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the pending merger transaction between the two companies.

CINCINNATI — Kroger and Harris Teeter Supermarkets on Friday announced that the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the pending merger transaction between the two companies.

The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending merger, which remains subject to other customary closing conditions. Both companies expect the transaction to be completed before the end of January.

January 20, 2014

Publix Super Markets is rolling out their Time My Meds powered medication synchronization program, Sync Your Refills, to all of its pharmacy locations.

RALEIGH, N.C. — Publix Super Markets is rolling out their Time My Meds powered medication synchronization program, Sync Your Refills, to all of its pharmacy locations. 

January 17, 2014

Albertsons has confirmed that it plans to shutter 26 locations.

BOISE, Idaho — Albertsons has confirmed that it plans to shutter 26 locations.

“This is part of our typical review cycle, and after reviewing store performance, we determined that these stores could not be positioned for future profitability, with the exception of the two stores in Acme that were closed for underperformance. The two Acme stores were closed because the leases are expiring,” the company said in a statement sent to Drug Store News.