Content about finance

July 24, 2013

Supervalu named Bruce Besanko as the company’s EVP and CFO, effective Aug. 7.

EDEN PRAIRIE, Minn. — Supervalu on Wednesday named Bruce Besanko as the company’s EVP and CFO, effective Aug. 7.

Besanko joins Supervalu from OfficeMax, where he was EVP finance, CFO and chief administrative officer. “Having worked with him during a successful turnaround at OfficeMax, I know firsthand of his talent, financial acumen, commitment to success and overall work ethic — all of which will be critical as we continue our rebuilding efforts here at Supervalu," stated Supervalu president and CEO Sam Duncan. 

July 17, 2013

Corning, a provider of specialty glass and ceramics, has appointed Procter & Gamble group president of global beauty, Deborah Henretta, to Corning's board of directors.

CORNING, N.Y. — Corning, a provider of specialty glass and ceramics, has appointed Procter & Gamble group president of global beauty, Deborah Henretta, to Corning's board of directors.

Henretta will also serve on the board's audit and finance committees. She will hold office until Corning`s annual meeting of shareholders in the spring of 2014, at which time she will stand for election to a one-year term. Her appointment brings to 13 the number of Corning directors.

July 15, 2013

The Consumer Healthcare Products Association announced that Lisa Murphy Early will join the association as VP finance and administration and CFO.

WASHINGTON — The Consumer Healthcare Products Association on Monday announced that Lisa Murphy Early will join the association as VP finance and administration and CFO. 

“Lisa is a highly experienced association executive with extensive financial, managerial and strategic planning experience in the non-profit and for-profit sectors,” stated CHPA president and CEO Scott Melville. 

July 10, 2013

Helen of Troy, a marketer of brand-name products, including Vidal Sassoon, Pro Beauty Tools, Bed Head and Brut, posted a boost in first-quarter sales and is off to a “solid start” for fiscal year 2014, the company announced.

EL PASO, Texas — Helen of Troy, a marketer of brand-name products, including Vidal Sassoon, Pro Beauty Tools, Bed Head and Brut, posted a boost in first-quarter sales and is off to a “solid start” for fiscal year 2014, the company announced.

Net sales revenue increased 1.4% to $304.5 million compared with $300.2 million in the first quarter of fiscal year 2013.

Net income was $14.4 million, or 45 cents per diluted share, which compares with net income of $23.5 million, or 74 cents per diluted share, in the year-ago period.

July 2, 2013

Rite Aid has finished a buyback program for more than $800 million worth of debt using proceeds from a sale of notes that allow the company to borrow at a lower interest rate, the retail pharmacy chain said Tuesday.

CAMP HILL, Pa. — Rite Aid has finished a buyback program for more than $800 million worth of debt using proceeds from a sale of notes that allow the company to borrow at a lower interest rate, the retail pharmacy chain said Tuesday.

Rite Aid said it has finished a cash offer for $810 million in senior notes with a 9.5% interest rate due 2017, funded with proceeds from a previous sale of $810 million worth of 6.75% senior notes due 2021.

July 1, 2013

Drug store chain Rite Aid has picked Payment Alliance International to provide ATM services at about 1,500 of its stores, the ATM network said.

LOUISVILLE, Ky. — Drug store chain Rite Aid has picked Payment Alliance International to provide ATM services at about 1,500 of its stores, the ATM network said Monday.

PAI runs ATMs at more than 60,000 retail locations around the country and said that it would offer state-of-the-art equipment, domestic and international transaction processing, and branding opportunities.

June 21, 2013

McKesson has announced that Jeffrey C. Campbell, EVP and CFO, will leave the company at the end of June to become the CFO of American Express.

SAN FRANCISCO — McKesson has announced that Jeffrey C. Campbell, EVP and CFO, will leave the company at the end of June to become the CFO of American Express.

Campbell has served McKesson as CFO since 2003, playing an instrumental role in extending the company’s leadership in healthcare services and information technology, the company stated.

June 21, 2013

Rite Aid has completed an effort to refinance half a billion dollars in debt, the retail pharmacy chain said Friday, fresh off its announcement the day before of its third consecutive profitable quarter.

CAMP HILL, Pa. — Rite Aid has completed an effort to refinance half a billion dollars in debt, the retail pharmacy chain said Friday, fresh off its announcement the day before of its third consecutive profitable quarter.

Rite Aid said it completed a portion of transactions to extend the maturity of part of its outstanding indebtedness, which it said would lower interest expenses. The company has about $6 billion in debt, according to its fiscal year 2013 annual report.

June 19, 2013

Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

CAMP HILL, Pa. — Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

Rite Aid said it would buy back all of its $810 million worth of 9.5% senior notes due 2017. The company also said it would increase the $400 million offering of 6.75% senior notes due 2021 by another $410 million, for a total of $810 million, as part of a debt-refinancing plan.

June 17, 2013

Rite Aid announced a new debt-refinancing plan, the second such plan in two weeks.

CAMP HILL, Pa. — Rite Aid announced Monday a new debt-refinancing plan, the second such plan in two weeks.

The company announced that it would offer for sale a new series of senior notes due 2021 worth $400 million, which would be unsecured, unsubordinated obligations of Rite Aid Corp. and would be guaranteed by the company. The retailer said on June 7 that it would purchase $500 million worth of 7.5% senior notes due 2017.

Proceeds from the offering will be used to redeem $400 million of the company's outstanding 9.5% senior notes due 2017.

June 12, 2013

Safeway announced that it has entered into an agreement to sell its Canadian operations through a sale of the net assets of Canada Safeway Limited to Sobeys, a Canadian food retailer and wholly-owned subsidiary of Empire Company Limited, for $5.7 billion in cash plus the assumption of certain liabilities.

PLEASANTON, Calif. — Safeway on Wednesday announced that it has entered into an agreement to sell its Canadian operations through a sale of the net assets of Canada Safeway Limited to Sobeys, a Canadian food retailer and wholly-owned subsidiary of Empire Company Limited, for $5.7 billion in cash plus the assumption of certain liabilities. 

June 7, 2013

Rite Aid moved to refinance its debt Friday, announcing that it would buy half a billion dollars in notes using proceeds from a new loan, while also projecting that it would turn a profit in the first quarter of fiscal year 2014, results of which it will announce next week.

CAMP HILL, Pa. — Rite Aid moved to refinance its debt Friday, announcing that it would buy half a billion dollars in notes using proceeds from a new loan, while also projecting that it would turn a profit in the first quarter of its fiscal year 2014, results of which it will announce next week.

The retail pharmacy chain said it would buy $500 million worth of 7.5% Senior Secured Notes, due 2017, using the proceeds from a $500 million second lien term loan.

The offer will expire on July 5 unless it's extended, the company said.

May 31, 2013

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 17, 2013

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 16, 2013

AmerisourceBergen elected Lon Greenberg, 62, to its board of directors, effective immediately.

VALLEY FORGE, Pa. — AmerisourceBergen on Thursday elected Lon Greenberg, 62, to its board of directors, effective immediately. Greenberg fills the vacancy created by Charles Cotros’s retirement from the board in February 2013. Greenberg also joined the audit and corporate responsibility committee and finance committee of the board. AmerisourceBergen's board of directors is currently comprised of 10 directors.

May 15, 2013

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 8, 2013

McKesson on Tuesday reported fiscal year revenues of $122.5 billion, relatively flat as compared with the prior fiscal year.

SAN FRANCISCO — McKesson on Tuesday reported fiscal year revenues of $122.5 billion, relatively flat as compared with the prior fiscal year. Full-year adjusted earnings per diluted share was $6.33, compared to $6.38 in the prior year.

April 22, 2013

More than 2 million credit and debit cards at nearly all of Schnuck Markets' stores may have been compromised as part of a recent hacking incident, the company said.

ST. LOUIS — More than 2 million credit and debit cards at nearly all of Schnuck Markets' stores may have been compromised as part of a recent hacking incident, the company said.

April 22, 2013

The National Association of Chain Drug Stores Foundation announced the election of five new members to its board of directors.

ARLINGTON, Va. — Today, the National Association of Chain Drug Stores Foundation announced the election of five new members to its board of directors. Victor Curtis, SVP pharmacy of Costco Wholesale; Jon Giacomin, president of U.S. pharmaceutical distribution for the pharmaceutical group of Cardinal Health; John Poulin, director of professional relations of Lilly USA; Todd Tillemans, president of customer development at Unilever; and Richard Tremonte, VP sales and marketing of the U.S.

April 16, 2013

During its annual stockholders’ meeting, Steve Knopik was elected to Publix Super Markets’ board of directors.

LAKELAND, Fla. — During its annual stockholders’ meeting today, Steve Knopik was elected to Publix Super Markets’ board of directors.

“We are pleased to have Steve join the Publix board,” said Publix chairman of the board Charlie Jenkins, Jr. “His strong retail and financial background and commitment to the community will make him a strong addition to our board.”

April 12, 2013

Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

MINNEAPOLIS — Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

The company announced plans in mid-March to purchase up to more than $1.1 billion worth of debt securities and will pay close to the full amount for those accepted for purchase.

The offer to purchase the debt from the people holding it expired Wednesday night at 11:59, the company said.

 

April 3, 2013

Supervalu announced additional changes at the senior level as Sam Duncan, Supervalu president and CEO, finalizes his executive leadership team.

MINNEAPOLIS — Supervalu on Wednesday announced additional changes at the senior level as Sam Duncan, Supervalu president and CEO, finalizes his executive leadership team.

Sherry Smith, EVP and CFO, will leave the company at the end of May. Smith has served as the company’s CFO since her appointment in December 2010. She has spent 26 years with Supervalu and previously served as SVP, finance. The company plans to announce a new CFO at a later date.

April 2, 2013

Schnucks was the victim of a recent attack on its computer network that compromised its credit and debit card system, the supermarket chain said.

ST. LOUIS — Schnucks was the victim of a recent attack on its computer network that compromised its credit and debit card system, the supermarket chain said.

Saying that it had "found and contained" the issue behind the attack, Schnucks said that a computer code discovered by an outside computer forensic firm had been designed to capture magnetic stripe data on the back of cards.

April 2, 2013

Mad Money's Jim Cramer tabbed Safeway over Whole Foods in an interview published in The Street.

NEW YORK — Mad Money's Jim Cramer tabbed Safeway over Whole Foods in an interview with The Street published Tuesday.

March 29, 2013

Ahold USA has appointed Paul Scorza as its chief information officer, the supermarket operator said Friday.

CARLISLE, Pa. — Ahold USA has appointed Paul Scorza as its chief information officer, the supermarket operator said Friday.

Ahold USA, the U.S. subsidiary of Netherlands-based Royal Ahold, said Scorza would assume the new position on Monday, based in Quincy, Mass., overseeing all Ahold USA information management functions, with a focus on systems and business processes to improve efficiency, effectiveness, controls and operations, reporting to EVP finance and CFO Paula Price.