Content about Finance

April 12, 2011

Beginning April 13, Kroger customers in the Greater Houston area will be able to save up to $1 per gallon at 68 Kroger Fuel Centers through the grocer's new fuel accumulation program.

HOUSTON — Beginning April 13, Kroger customers in the Greater Houston area will be able to save up to $1 per gallon at 68 Kroger Fuel Centers through the grocer's new fuel accumulation program.

Kroger's latest gas savings initiative will allow shoppers to redeem up to 1,000 fuel points, which are earned through everyday grocery, prescription and gift card purchases using the Kroger Plus card, during a single fill-up.

April 12, 2011

Rite Aid is hoping to raise $5 million to benefit the Children's Miracle Network Hospitals as it kicks off its 17th annual fundraising campaign for the nonprofit organization.

CAMP HILL, Pa. — Rite Aid is hoping to raise $5 million to benefit the Children's Miracle Network Hospitals as it kicks off its 17th annual fundraising campaign for the nonprofit organization.

April 8, 2011

Specialty pharmacy provider Assured Pharmacy will reduce its stock through a reverse stock split, the company said Thursday.

FRISCO, Texas — Specialty pharmacy provider Assured Pharmacy will reduce its stock through a reverse stock split, the company said Thursday.

The company, which trades on the pink sheets but seeks to eventually be listed on a larger exchange, announced that it had filed an amendment to its articles of incorporation whereby it would convert every 180 shares of stock to a single stock, reducing the total number of shares of outstanding common stock from 416,200,000 to 2,321,222, while reducing authorized shares of common stock from 3 billion to 16,666,667.

April 7, 2011

GNC Holdings on Wednesday announced the closing of its initial public offering of 25.9 million shares of its Class A common stock at a public offering price of $16 per share. GNC's Class A common stock began trading Friday, April 1, on the New York Stock Exchange under the ticker symbol "GNC."

PITTSBURGH — GNC Holdings on Wednesday announced the closing of its initial public offering of 25.9 million shares of its Class A common stock at a public offering price of $16 per share. GNC's Class A common stock began trading Friday, April 1, on the New York Stock Exchange under the ticker symbol "GNC."

April 7, 2011

Target's March sales dropped 4.5% to $5.95 billion, compared with the year-ago period.

MINNEAPOLIS — Target's March sales dropped 4.5% to $5.95 billion, compared with the year-ago period.

The retailer also disclosed that comparable-store sales for the five weeks dropped 5.5%, which was in line with expectations, as they reflected the later timing of the Easter holiday, according to the company's chairman, president and CEO, Gregg Steinhafel.

"Our stores are well-prepared for the upcoming Easter season, and we continue to expect a mid-teens increase in Target's April comparable-store sales," Steinhafel noted.

April 4, 2011

GNC Holdings on Monday announced, in connection with its previously announced initial public offering, the underwriters have exercised in full their option to purchase from the selling stockholders an additional 3.375 million shares of Class A common stock.

PITTSBURGH — GNC Holdings on Monday announced, in connection with its previously announced initial public offering, the underwriters have exercised in full their option to purchase from the selling stockholders an additional 3.375 million shares of Class A common stock.

April 4, 2011

Pfizer will sell its Capsugel business to Kohlberg Kravis Roberts & Co. for nearly $2.4 billion, the drug maker said Monday.

PEAPACK, N.J. — Pfizer will sell its Capsugel business to Kohlberg Kravis Roberts & Co. for nearly $2.4 billion, the drug maker said Monday.

Capsugel, which develops hard capsules and drug-delivery systems, generated about $750 million in sales last year. The company will maintain its New Jersey headquarters after the sale is complete.

April 1, 2011

GNC Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

PITTSBURGH — GNC Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

Of the shares offered, 16 million are being issued and sold by GNC and 6.5 million shares are being sold by selling stockholders.

In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.4 million shares. That offering is expected to close on April 6.

March 30, 2011

The law firm of Brower Piven on Tuesday announced that a class action lawsuit has commenced in the Delaware Chancery Court on behalf of all shareholders of Drugstore.com, alleging violations of state law by the company’s board of directors relating to the proposed acquisition by Walgreens.

STEVENSON, Md. — The law firm of Brower Piven on Tuesday announced that a class action lawsuit has commenced in the Delaware Chancery Court on behalf of all shareholders of Drugstore.com, alleging violations of state law by the company’s board of directors relating to the proposed acquisition by Walgreens.

The complaint alleged that Drugstore.com's board of directors breached their fiduciary duties by failing to maximize shareholder value, among other things.

March 29, 2011

The board of directors at regional supermarket chain Ingles Markets declared a cash dividend of 16.5 cents per share of Class A common stock and 15 cents per share on all its Class B common stock.

ASHEVILLE, N.C. — The board of directors at regional supermarket chain Ingles Markets declared a cash dividend of 16.5 cents per share of Class A common stock and 15 cents per share on all its Class B common stock.

This is an annual rate of 66 cents and 60 cents per share, respectively. Dividends on both the Class A and Class B common stock are payable April 21, to all shareholders of record on April 7.

March 29, 2011

One could say that a job with the Food and Drug Administration would be the perfect way to get information about upcoming drug approvals and use it to profit handsomely from buying stock in the companies that manufacture the drugs before the information reaches the public.

WASHINGTON — One could say that a job with the Food and Drug Administration would be the perfect way to get information about upcoming drug approvals and use it to profit handsomely from buying stock in the companies that manufacture the drugs before the information reaches the public.

Of course, the Securities and Exchange Commission would consider that illegal insider trading, as one FDA scientist recently discovered.

March 16, 2011

The National Retail Federation said legislation introduced Tuesday to delay swipe fee reform, which is scheduled to go into effect this summer, would block retailers from giving discounts to consumers who use debit cards and would cost merchants and the public more than $1 billion per month.

WASHINGTON — The National Retail Federation said legislation introduced Tuesday to delay swipe fee reform, which is scheduled to go into effect this summer, would block retailers from giving discounts to consumers who use debit cards and would cost merchants and the public more than $1 billion per month.

March 16, 2011

The former chairman and CEO of Dreyer's Grand Ice Cream has joined Safeway's board of directors.

PLEASANTON, Calif. — The former chairman and CEO of Dreyer's Grand Ice Cream has joined Safeway's board of directors.

The appointment of T. Gary Rogers will expand the retailer's board of directors from nine to 10 members.

"Gary's vast experience as a supplier to the grocery industry, his business acumen and experience as a director will be great assets to the board," said Steve Burd, Safeway chairman, president and CEO. "We are pleased he is joining our board."

March 15, 2011

The Deloitte Consumer Spending Index rose to more than 4% during the month of February, thanks to slight improvements in two sectors.

NEW YORK — The Deloitte Consumer Spending Index rose to more than 4% during the month of February, thanks to slight improvements in two sectors.

The index attempts to track consumer cash flow as an indicator of future consumer spending and is comprised of four components: unemployment claims, tax burden, real wages and real home prices. It rose to 4.02% from 3.92% in January.

March 11, 2011

First it was Family Dollar; now 99 Cents Only Stores finds itself in buyout talks, as investors are seeing the value in discount store chains.

CITY OF COMMERCE, Calif. — First it was Family Dollar; now 99 Cents Only Stores finds itself in buyout talks, as investors are seeing the value in discount store chains.

March 9, 2011

The National Association of Chain Drug Stores and the National Community Pharmacists Association on Tuesday urged Congress to permit the Federal Reserve Board to expedite the implementation of an amendment to the financial-reform legislation.

ALEXANDRIA, Va. — The National Association of Chain Drug Stores and the National Community Pharmacists Association on Tuesday urged Congress to permit the Federal Reserve Board to expedite the implementation of an amendment to the financial-reform legislation from Sen. Dick Durbin, D-Ill., that would limit the fees charged to retail merchants on debit card transactions (known as “swipe fees”) to a level that is “reasonable and proportionate” to the costs incurred by the banks and credit card associations to process these transactions.

March 8, 2011

The American Pharmacists Association is looking for a new CFO to replace Roger Browning, who will retire, the group said Tuesday.

WASHINGTON — The American Pharmacists Association is looking for a new CFO to replace Roger Browning, who will retire, the group said Tuesday.

Browning has worked in senior financial executive positions for the APhA since 1995, serving as SVP finance and CFO since 2007. Before working for the APhA, he was VP finance at the International Franchise Association.

March 8, 2011

Safeway on Tuesday said that it expects to earn $1.60 to $1.80 per diluted share during the quarter, after the company's board approved a $1.1 billion dividend from Canada to the United States.

PLEASANTON, Calif. — Safeway on Tuesday said that it expects to earn $1.60 to $1.80 per diluted share during the quarter, after the company's board approved a $1.1 billion dividend from Canada to the United States.

The dividend, Safeway said during its 2011 investor conference, will be used to pay off $600 million of U.S. debt, and the company will use the remainder of the dividend for share repurchases.

March 3, 2011

Fred's on Thursday posted a 2% increase in sales totaling $153.6 million for the four weeks ended Feb. 26. Comparable-store sales for the month rose 0.9% versus an increase of 2% in the same period last year.

MEMPHIS — Fred's on Thursday posted a 2% increase in sales totaling $153.6 million for the four weeks ended Feb. 26. Comparable-store sales for the month rose 0.9% versus an increase of 2% in the same period last year.

February 28, 2011

The National Retail Federation last week responded to the Federal Reserve's proposal to cap debit card swipe fees at 12 cents per transaction.

WASHINGTON — The National Retail Federation last week responded to the Federal Reserve's proposal to cap debit card swipe fees at 12 cents per transaction.

February 24, 2011

Greeting card enthusiasts that want to know what's new in the card aisles before hitting the stores now can see the latest innovations online, thanks to a new page on American Greetings' website.

CLEVELAND — Greeting card enthusiasts that want to know what's new in the card aisles before hitting the stores now can see the latest innovations online, thanks to a new page on American Greetings' website.

AmericanGreetings.com's new page now features the latest product introductions, a special downloadable coupon and a store locator so consumers instantly can find retailers in their area.

February 23, 2011

Kroger on Wednesday announced the appointment of Cindy Holmes to director of investor relations and Carin Fike to director and assistant treasurer. Both changes will be effective March 6.

CINCINNATI — Kroger on Wednesday announced the appointment of Cindy Holmes to director of investor relations and Carin Fike to director and assistant treasurer. Both changes will be effective March 6.

Fike will report to Kroger's treasurer, Scott Henderson; Holmes will report to Kroger's CFO, Michael Schlotman.

Holmes, 42, began her career with Kroger in 1990 in the information systems and services department, and for the past 10 years, she has served as the company's assistant treasurer.

February 7, 2011

According to the National Retail Federation, the average person will spend more than $116 on Valentine’s Day, and shoppers will spend 11% more at flower shops, candy stores and retailers this year than last year.

CAMP HILL, Pa. — According to the National Retail Federation, the average person will spend more than $116 on Valentine’s Day, and shoppers will spend 11% more at flower shops, candy stores and retailers this year than last year.

Retail pharmacy chain Rite Aid said Monday it would be ready to sell chocolates, stuffed animals, trinkets and cards to last-minute shoppers.

These include Valentine’s Day cards for students and such novelty gifts as key chains, Lotto for Lovers scratch cards and bags of chocolate hearts for less than $1.

February 3, 2011

CVS Caremark announced on Thursday an increase in fourth-quarter same-store sales and a boost in retail pharmacy revenues as pharmacy comparable-store sales benefited from the Maintenance Choice program.

WOONSOCKET, R.I. — CVS Caremark announced on Thursday an increase in fourth-quarter same-store sales and a boost in retail pharmacy revenues as pharmacy comparable-store sales benefited from the Maintenance Choice program.

"I'm pleased with our earnings this quarter, which were in line with our expectations. Our retail business continued to produce industry-leading same-store sales and achieved an all-time record operating margin," stated Larry Merlo, who currently serves as president and COO and will be taking the reins as CEO in March.

January 27, 2011

The abrupt departure of Shoppers Drug Mart president and CEO Jürgen Schreiber announced Wednesday is expected to negatively impact the company’s stock — many investors bought into Shoppers on the faith that retail maven Schreiber would return Canada’s largest drug retailer to consistent quarter-over-quarter growth.

TORONTO — The abrupt departure of Shoppers Drug Mart president and CEO Jürgen Schreiber announced Wednesday is expected to negatively impact the company’s stock — many investors bought into Shoppers on the faith that retail maven Schreiber would return Canada’s largest drug retailer to consistent quarter-over-quarter growth.