Content about Finance

May 2, 2012

Former Clorox EVP and CFO Daniel Heinrich has been added to Energizer's board of directors, the company announced.

ST. LOUIS — Former Clorox EVP and CFO Daniel Heinrich has been added to Energizer's board of directors, the company announced.

Heinrich, whose term of office expires at Energizer's 2013 annual meeting of stockholders, brings more than 34 years of experience to the role. He also has been appointed to the nominating and executive compensation committee. With the addition of Heinrich, Energizer's board now consists of 10 directors, nine of whom meet the standards of the New York Stock Exchange for independence.

May 2, 2012

The National Retail Federation is responding to a report from the Federal Reserve that revealed that debit card swipe fees collected by the nation's largest banks have dropped significantly since reform regulations took effect last fall.

WASHINGTON — The National Retail Federation is responding to a report from the Federal Reserve that revealed that debit card swipe fees collected by the nation's largest banks have dropped significantly since reform regulations took effect last fall.

April 26, 2012

Walmart has launched a "pay with cash" service that offers cash payment options for online orders at Walmart.com in the United States.

BENTONVILLE, Ark. — Walmart has launched a "pay with cash" service that offers cash payment options for online orders at Walmart.com in the United States.

Walmart is the first major retailer to offer online purchases without the need for banking services or a credit, debit or prepaid card.

April 17, 2012

Workers' compensation pharmacy costs took on an extra $2.1 billion in 2011 due to unnecessary use of more expensive drugs, according to a new report by pharmacy benefit manager Express Scripts.

ST. LOUIS — Workers' compensation pharmacy costs took on an extra $2.1 billion in 2011 due to unnecessary use of more expensive drugs, according to a new report by pharmacy benefit manager Express Scripts.

April 13, 2012

Trading of Safeway shares on Nasdaq were up almost 75 cents in late morning trading on speculation that Safeway soon may be up for sale.

NEW YORK — Trading of Safeway shares on Nasdaq were up almost 75 cents in late morning trading on speculation that Safeway soon may be up for sale.

The speculation is borne out of a recent revision in the company’s change in control that would make retention of management easier and cheaper in a take-out, suggested Ed Kelly, Credit Suisse analyst, in a note published Friday morning. "While this is an interesting development, we do not believe it signals that Safeway is suddenly up for sale."

April 9, 2012

Safeway on Monday evening promoted Robert Edwards to president of the company. Edwards had served as Safeway's EVP and CFO since 2004.

PLEASANTON, Calif. — Safeway on Monday evening promoted Robert Edwards to president of the company. Edwards had served as Safeway's EVP and CFO since 2004.

April 6, 2012

Target has committed $15,000 in cash and gift cards to assist the Texas communities impacted by recent tornadoes.

MINNEAPOLIS — Target has committed $15,000 in cash and gift cards to assist the Texas communities impacted by recent tornadoes.

Cash donations will be distributed to The Salvation Army and the American Red Cross. In addition, Target has donated gift cards to other local nonprofit organizations for such essentials as water and food.

April 2, 2012

The controversial merger between Express Scripts and Medco was completed Monday morning, according to a press release issued by both Express Scripts and the Federal Trade Commission.

WASHINGTON — The controversial merger between Express Scripts and Medco was completed Monday morning, according to a press release issued by both Express Scripts and the Federal Trade Commission.

March 27, 2012

The Supreme Court on Tuesday morning heard arguments on whether the individual mandate portion of the Patient Protection and Affordable Care Act is constitutional.

WASHINGTON — The Supreme Court on Tuesday morning heard arguments on whether the individual mandate portion of the Patient Protection and Affordable Care Act is constitutional. The final decision, expected in June, could mean a swing between 15 million and 27 million Americans, along with their prescription and other healthcare needs, entering the insurance market in 2014, according to a recent study published by the Rand Corp.

March 23, 2012

Former Walgreens' CEO Jeff Rein said profit pressure might cause Walgreens to think differently about acquisitions than it did in the past.

WHAT IT MEANS AND WHY IT'S IMPORTANT — Former Walgreens' CEO Jeff Rein said profit pressure might cause Walgreens to think differently about acquisitions than it did in the past. The loss of Express Scripts patients (who are incidentally taking their prescriptions to the nearest Walgreens competitor), coupled with a significant generic wave through 2012 — moreso in the back half of the year — potentially could keep Walgreens from posting a profit through fiscal 2012. "Walgreens is in a real poor position here," Rein said.

March 19, 2012

Safeway announced that its board of directors Friday declared a regular quarterly cash dividend of 14.5 cents per share.

PLEASANTON, Calif. — Safeway announced that its board of directors Friday declared a regular quarterly cash dividend of 14.5 cents per share.

The dividend will be payable on April 12 to stockholders of record at the close of business on March 22, the company noted.

March 19, 2012

A miniature version of the spike in stock market activity that followed speculation about the prospects of a Walgreens-Rite Aid merger happened on Drug Store News' website as a quick writeup about the potential deal became the most-read story on the site. But for all the buzz that Credit Suisse analyst Edward Kelly created with his report, a Walgreens-Rite Aid merger appears pretty unlikely on closer inspection.

WHAT IT MEANS AND WHY IT'S IMPORTANT — A miniature version of the spike in stock market activity that followed speculation about the prospects of a Walgreens-Rite Aid merger happened on Drug Store News' website as a quick writeup about the potential deal became the most-read story on the site.

(THE NEWS: Reports: WAG-RAD merger speculation drives RAD stock to four-year high. For the full story, click here)

March 14, 2012

Shares of Rite Aid crossed the $2 mark Wednesday afternoon following analyst speculation about the prospects of a takeover by Walgreens, according to published reports.

NEW YORK — Shares of Rite Aid crossed the $2 mark Wednesday afternoon following analyst speculation about the prospects of a takeover by Walgreens, according to published reports.

February 28, 2012

A survey sponsored by in-store commerce provider AisleBuyer found that nearly 40% of smartphone-carrying shoppers have abandoned their in-store purchases because of long lines, while 21% will abandon their purchases if there are no registers open.

BOSTON — A survey sponsored by in-store commerce provider AisleBuyer found that nearly 40% of smartphone-carrying shoppers have abandoned their in-store purchases because of long lines, while 21% will abandon their purchases if there are no registers open.

February 27, 2012

Rite Aid has closed a bond offering that it issued earlier this month to refinance its debt, the company said Monday.

CAMP HILL, Pa. — Rite Aid has closed a bond offering that it issued earlier this month to refinance its debt, the company said Monday.

Rite Aid said the proceeds of its offering of $481 million in 9.25% senior notes due 2020 would be used to buy back its 8.625% senior notes due 2015.

The retail pharmacy chain announced the offering on Feb. 14. The offering marked the first time that the company was able to tap the unsecured debt market in five years. Rite Aid has carried a heavy debt burden since its 2007 acquisition of the Brooks and Eckerd pharmacy chains.

February 16, 2012

Fred's on Thursday announced an increase in the company's quarterly cash dividend by 20% to 6 cents per share, and an increase in the company's stock repurchase program to an additional 3.6 million shares, or 10% of the currently outstanding shares.

MEMPHIS, Tenn. — Fred's on Thursday announced an increase in the company's quarterly cash dividend by 20% to 6 cents per share, and an increase in the company's stock repurchase program to an additional 3.6 million shares, or 10% of the currently outstanding shares.

February 14, 2012

Rite Aid is offering $481 million in eight-year senior notes to refinance debt that is scheduled to be due in three years, the retail pharmacy chain said Tuesday.

CAMP HILL, Pa. — Rite Aid is offering $481 million in eight-year senior notes to refinance debt that is scheduled to be due in three years, the retail pharmacy chain said Tuesday.

Rite Aid said it would use money from the offering to pay interest and other expenses related to a tender offer announced Tuesday for all outstanding 8.625% senior notes due 2015. The price includes the $459 million principal plus a 2.625% premium. The new notes are being offered at a 9.25% interest rate.

February 8, 2012

Time is money for busy professionals and weekend warriors who frequent Lowe’s stores and can’t afford to put a project on hold because of an upset stomach, minor cut or allergy outbreak.

January 27, 2012

AmerisourceBergen on Thursday reported $20.4 billion in revenue for the first quarter ended Dec. 31, up 2%.

VALLEY FORGE, Pa. — AmerisourceBergen on Thursday reported $20.4 billion in revenue for the first quarter ended Dec. 31, up 2%.

“We are off to a good start in our fiscal year 2012, with December quarter results in line with our expectations and excellent progress being made on the integration of our recent acquisitions,” stated Steven Collis, AmerisourceBergen president and CEO. “We continued to demonstrate expense and working capital discipline, and our balance sheet remains strong, giving us outstanding financial flexibility.”

January 24, 2012

Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.

MINNEAPOLIS — Target has promoted John Mulligan to the position of EVP and CFO, effective April 1. Mulligan currently serves as SVP finance. He replaces Doug Scovanner, Target’s EVP and CFO for the past 18 years, who announced his retirement in November 2011.

January 23, 2012

Pet medications now are available at all Kroger pharmacies in the Houston area, the company said.

HOUSTON — Pet medications now are available at all Kroger pharmacies in the Houston area, the company said.

Customers with four-legged family members now can pick up their pets' prescriptions at the pharmacy counter. Popular medications, such as Frontline Plus and Rimadyl Chewables, are available, as well as $4 and $10 generic medications.

January 17, 2012

Former Revlon executive Jack Stahl has been appointed to Saks’ board of directors, effective Jan. 16. He also will serve on the audit committee of the board.

NEW YORK — Former Revlon executive Jack Stahl has been appointed to Saks’ board of directors, effective Jan. 16. He also will serve on the audit committee of the board.

January 17, 2012

Royal Bank of Canada and Shoppers Drug Mart are launching a nationwide program that makes it more convenient for Canadians to bank and earn rewards at Shoppers Drug Mart/Pharmaprix locations throughout the country.

TORONTO — Royal Bank of Canada and Shoppers Drug Mart are launching a nationwide program that makes it more convenient for Canadians to bank and earn rewards at Shoppers Drug Mart/Pharmaprix locations throughout the country.

January 17, 2012

Beauty brand Too Faced Cosmetics has announced a new investment partner, Weston Presidio.

LOS ANGELES — Beauty brand Too Faced Cosmetics has announced a new investment partner, Weston Presidio.

January 16, 2012

NCR announced Monday the introduction of a point-of-sale system that will allow independent retailers to manage transactions, track sales and inventory, process credit cards and market to customers on both touchscreen terminals and Apple mobile devices.

DULUTH, Ga. — NCR announced Monday the introduction of a point-of-sale system that will allow independent retailers to manage transactions, track sales and inventory, process credit cards and market to customers on both touchscreen terminals and Apple mobile devices.

The system is a cloud-based platform that NCR said would give independent retailers a multichannel "sell anywhere" capability.