Content about Financial News

June 4, 2013
Dollar General bullish on year with tobacco rollout

Dollar General increased net sales by 8.5% to $4.2 billion for its first quarter ended May 3, the dollar operator reported Tuesday.

GOODLETTSVILLE, Tenn. — Dollar General increased net sales by 8.5% to $4.2 billion for its first quarter ended May 3, the dollar operator reported Tuesday. 

“For the quarter, we achieved same-store sales growth of 2.6%, reflecting strong growth in our consumables categories offset by softer sales in seasonal and weather-sensitive categories,” stated Rick Dreiling, Dollar General’s chairman and CEO. “We believe the continued strength in consumables is a sign of the underlying health of our business.”

June 3, 2013
AmerisourceBergen closes deal on Canadian distribution business divestiture

AmerisourceBergen announced that it has completed the divestiture of its Canadian pharmaceutical distribution business, AmerisourceBergen Canada Corp.

VALLEY FORGE, Pa. — AmerisourceBergen on Monday announced that it has completed the divestiture of its Canadian pharmaceutical distribution business, AmerisourceBergen Canada Corporation. As previously announced, the business has been sold to Kohl & Frisch Limited, a Canadian-owned national full-line distributor. 

AmerisourceBergen will retain its Canadian specialty business.

June 3, 2013
Dr. Reddy's, Fujifilm end Japan generics deal

Dr. Reddy's Labs and Fujifilm have terminated a deal to market generic drugs in Japan, Dr. Reddy's said.

HYDERABAD, India — Dr. Reddy's Labs and Fujifilm have terminated a deal to market generic drugs in Japan, Dr. Reddy's said Monday.

The two had signed a memorandum of understanding in June 2011 to establish a joint venture for developing and manufacturing generics in Japan. The ending of the deal was the result of Fujifilm changing its long-term strategy for the drug business, but Dr. Reddy's said they would continue looking into opportunities for partnerships and alliances in other drug businesses.

May 31, 2013
Fred's first-quarter income jumps 9%, eyes pharmacy growth in 'aggressive' 2013 plan

Fred's Inc. reported positive financial results for the first quarter on Thursday and is looking to implement initiatives to reconfigure its pharmacy department and expand its specialty drug program as key drivers in its "aggressive" 2013 plan.

 MEMPHIS, Tenn. — Fred's Inc. reported positive financial results for the first quarter on Thursday and is looking to implement initiatives to reconfigure its pharmacy department and expand its specialty drug program as key drivers in its "aggressive" 2013 plan.

May 31, 2013
Kroger raises nearly $500,000 for Oklahoma tornado relief

The Kroger Co. announced this week it raised more than $425,000 from customer and associate contributions and committed to a corporate gift of $50,000 for a total cash contribution of more than $475,000 to support Red Cross initiatives to assist storm relief efforts in Oklahoma.

CINCINNATI — The Kroger Co. announced this week it raised more than $425,000 from customer and associate contributions to assist storm relief efforts in Oklahoma. In addition, Kroger committed to a corporate gift of $50,000 for a total cash contribution of more than $475,000 to support Red Cross initiatives in areas devastated by violent storms, including an EF5 tornado, on May 20.

May 31, 2013
Reports: Sun to buy Meda for up to $6 billion

India-based Sun Pharmaceutical Industries may buy Sweden-based Meda for $5 billion to $6 billion, according to published reports.

NEW YORK — India-based Sun Pharmaceutical Industries may buy Sweden-based Meda for $5 billion to $6 billion, according to published reports.

Reuters reported that the two companies were in talks for Sun to buy Meda in order to boost its generics business in developed markets.

May 30, 2013
Costco Q3 earnings beat analyst expectations

Costco Wholesale had sales of $23.55 billion in third-quarter 2013, an 8% increase over last year's $21.85 billion, as well as a 6% increase in same-store sales, the club retailer said.

ISSAQUAH, Wash. — Costco Wholesale had sales of $23.55 billion in third-quarter 2013, an 8% increase over last year's $21.85 billion, as well as a 6% increase in same-store sales, the club retailer said Thursday.

May 30, 2013
Jean Coutu Group to spend $184.3 million on relocation

Canadian retail pharmacy operator the Jean Coutu Group will spend nearly $200 million to relocate its headquarters and distribution center, the company said.

LONGUEUIL, Quebec — Canadian retail pharmacy operator the Jean Coutu Group will spend nearly $200 million to relocate its headquarters and distribution center, the company said.

Jean Coutu Group said it would consolidate operations presently located in the city of Longueuil, Quebec, to a new, 800,000-sq.-ft. location in Varennes, on the south shore of Montreal.

May 29, 2013
Bi-Lo to buy 165 stores from Delhaize for $265 million

The parent company of the Bi-Lo and Winn-Dixie supermarket chains will buy three chains from Belgium-based Delhaize Group.

JACKSONVILLE, Fla. — The parent company of the Bi-Lo and Winn-Dixie supermarket chains will buy three chains from Belgium-based Delhaize Group.

Bi-Lo Holdings said it would acquire the Sweetbay, Harveys and Reid's chains from Delhaize for $265 million. The deal includes 72 Sweetbay stores, leases for 10 prior Sweetbay locations, 72 Harveys stores and 11 Reid's stores, for a total of 165 stores and 10,000 employees throughout the Southeast. Bi-Lo Holdings already operates 686 stores, 482 of which have pharmacies, throughout the southeast.

May 29, 2013
GSK buys Switzerland-based Okairos

British drug maker GlaxoSmithKline has acquired Swiss vaccine development company Okairos for $325 million, GSK said Wednesday.

LONDON — British drug maker GlaxoSmithKline has acquired Swiss vaccine development company Okairos for $325 million, GSK said Wednesday.

Privately owned Okairos develops technologies used to create vaccines, and GSK said it would use them in the development of the "next generation" of vaccines for preventing infections and for treatment of infections and diseases, saying it would allow the development of the "next generation.

May 28, 2013
Appellate court turns down review of Calif. Medicaid reimbursement cuts

A federal court has declined to review an earlier decision to uphold cuts to California's Medicaid program, drawing criticism from several groups.

SACRAMENTO, Calif. — A federal court has declined to review an earlier decision to uphold cuts to California's Medicaid program, drawing criticism from several groups.

May 28, 2013
AstraZeneca to buy Omthera for $323 million

Anglo-Swedish drug maker AstraZeneca will buy Omthera Pharmaceuticals for $323 million, the two companies said.

PRINCETON, N.J. — Anglo-Swedish drug maker AstraZeneca will buy Omthera Pharmaceuticals for $323 million, the two companies said Tuesday.

Omthera, based in Princeton, N.J., develops drugs for dyslipidemia, conditions that result in abnormal levels of lipids in the blood. Its lead products include Epanova, an experimental drug for patients with high triglycerides that's based on omega-3 fatty acids; Omthera has finished late-stage clinical trials of the drug and plans to file for Food and Drug Administration approval in mid-2013.

May 28, 2013
NRF opposes settlement in swipe-fee case

A trade group representing the retail industry is requesting that a federal judge throw out a proposed settlement in an antitrust lawsuit over credit card swipe fees.

WASHINGTON — A trade group representing the retail industry is requesting that a federal judge throw out a proposed settlement in an antitrust lawsuit over credit card swipe fees.

May 28, 2013
Sears Holdings sales decrease in Q1

Black turned to red for Kmart parent company Sears Holdings as the company reported losses of $279 million for first-quarter 2013, compared with a $189 million profit in first-quarter 2012.

HOFFMAN ESTATES, Ill. — Black turned to red for Kmart parent company Sears Holdings as the company reported losses of $279 million for first-quarter 2013, compared with a $189 million profit in first-quarter 2012.

At the same time, despite a 3.6% decline in comps during the quarter for the company's U.S. business, online business for its Sears.com and Kmart.com website grew by 20%, and members of its Shop Your Way loyalty program generated more than 60% of sales.

May 28, 2013
Valeant to buy Bausch & Lomb

Canadian drug maker Valeant Pharmaceuticals International is buying U.S.-based Bausch & Lomb Holdings for $8.7 billion, the companies said Monday.

ROCHESTER, N.Y. — Canadian drug maker Valeant Pharmaceuticals International is buying U.S.-based Bausch & Lomb Holdings for $8.7 billion, the companies said Monday.

Bausch & Lomb makes prescription and over-the-counter eye health products, as well as contact lenses and solutions and eye-surgery equipment.

May 22, 2013
Elan buys Austrian drug maker, stake in Dubai drug maker

Irish drug maker Elan is paying about $380 million to buy two drug makers, the company said.

DUBLIN — Irish drug maker Elan Corp. is paying about $380 million to buy one drug maker and a large stake in another, the company said.

Elan announced plans to buy Vienna-based AOP Orphan Pharmaceuticals for about $340 million, a company that specializes in drugs for rare conditions in a variety of areas, including cancer, neurology and metabolic disorders. Elan also paid an initial $40 million to buy a 48% stake in Newbridge Pharmaceuticals, based in Dubai, United Arab Emirates. Elan will have the option to buy the rest of the company for $244 million by 2015.

May 22, 2013
Target profits decline in first quarter, but company sees strong omnichannel sales growth

Colder weather and more conservative shoppers contributed to a drop in Target Corp.'s first quarter 2013 profits, but the company's underlying business remains healthy, executives said Wednesday morning in a conference call with investors.

MINNEAPOLIS — Colder weather and more conservative shoppers contributed to a drop in Target Corp.'s first-quarter 2013 profits, but the company's underlying business remains healthy, executives said Wednesday morning in a conference call with investors.

"While we are not satisfied with this quarter's performance, we remain highly confident in our strategy," president, chairman and CEO Gregg Steinhafel said during the call.

May 21, 2013
Fred's declares quarterly cash dividend

Fred's announced that its board of directors has declared a quarterly cash dividend of $0.06 per share.

MEMPHIS, Tenn. — Fred's Inc. today announced that its board of directors has declared a quarterly cash dividend of $0.06 per share.

The dividend is payable on June 17, 2013, to shareholders of record as of June 3, 2013.

Fred's Inc. operates 715 discount general merchandise stores, including 21 franchised Fred's stores, in the southeastern United States. For more information about the company, visit Fred's website at www.fredsinc.com.

May 20, 2013
Actavis, Warner Chilcott reach acquisition deal

Actavis will acquire Warner Chilcott for $8.5 billion, the drug maker said.

PARSIPPANY, N.J. — Actavis will acquire Warner Chilcott for $8.5 billion, the drug maker said Monday.

May 20, 2013
Dollar General Literacy Foundation awards more than $6M to literacy groups across U.S.

The Dollar General Literacy Foundation announced today awards of more than $6 million in grants to more than 725 schools, nonprofits and literacy organizations to support adult, family and summer literacy programs.

GOODLETTSVILLE, Tenn. — The Dollar General Literacy Foundation announced today awards of more than $6 million in grants to more than 725 schools, nonprofits and literacy organizations to support adult, family and summer literacy programs.

May 17, 2013
Supervalu refinances $1.5 billion senior secured term loan agreement

Supervalu successfully completed the refinancing of its existing $1.5 billion senior secured term loan agreement.

MINNEAPOLIS — Supervalu on Thursday successfully completed the refinancing of its existing $1.5 billion senior secured term loan agreement. The amendment reduces the interest rate margin from 5% to 4% and reduces the LIBOR floor from 1.25% to 1% for LIBOR based loans. 

May 17, 2013
Walgreens and Alliance Boots strategic partnership with AmerisourceBergen clears any regulatory hurdle

The deal that paired Walgreens and Alliance Boots with wholesaler AmerisourceBergen has received the required regulatory clearances, the companies announced Friday.

DEERFIELD, Ill. — The deal that paired Walgreens and Alliance Boots with wholesaler AmerisourceBergen has received the required regulatory clearances, the companies announced Friday. 

The regulatory clearances permit both Walgreens and Alliance Boots the purchase of up to 7% of the fully diluted equity of AmerisourceBergen in the open market, and the exercise of two warrants for 16% in the aggregate of the fully diluted equity of AmerisourceBergen in 2016 and 2017. 

May 16, 2013
Tardy tax refunds, cool weather impact Walmart’s Q1

Walmart Stores reported profit and sales lower than Wall Street expectations as the retail giant struggled against the payroll tax increase, delayed tax returns and an unseasonably cold spring impacting its U.S. sales.

Bentonville, Ark. — Walmart Stores on Thursday reported profit and sales lower than Wall Street expectations as the retail giant struggled against the payroll tax increase, delayed tax returns and an unseasonably cold spring impacting its U.S. sales. The retailer also scaled back its earnings expectations for the current three-month period.

Walmart’s net income rose 1.1% to $3.8 billion. Revenue edged up 1%, to $113.4 billion.

May 15, 2013
Double-digit profit gains for Alliance Boots

Alliance Boots on Wednesday reported a double-digit profit gain for its year ended March 31.

BERN, Switzerland — Alliance Boots on Wednesday reported a double-digit profit gain for its year ended March 31. Underlying profit after tax was up 12.7% to $1.2 billion, though revenue was down slightly by 2.6% to $34.2 billion. 

May 14, 2013
Actavis issues regulatory filing to comply with Irish company-takeover rules

Actavis is continuing to pursue a plan to buy Irish drug maker Warner Chilcott, as the U.S.-based company announced Tuesday its total number of shares and share-purchase options in order to comply with Ireland's merger-and-acquisition rules.

PARSIPPANY, N.J. — Actavis is continuing to pursue a plan to buy Irish drug maker Warner Chilcott, as the U.S.-based company announced Tuesday its total number of shares and share-purchase options in order to comply with Ireland's merger-and-acquisition rules.

Actavis listed about 133.3 million ordinary shares, 1.5 billion restricted shares and 1.26 options to purchase ordinary shares.