Content about finance

November 7, 2011
Sagent Q3 net revenue jumps 94%

Third-quarter net revenue for Sagent Pharmaceuticals jumped 94% to $41.3 million, thanks to several new product launches during the period.

SCHAUMBURG, Ill. — Third-quarter net revenue for Sagent Pharmaceuticals jumped 94% to $41.3 million, thanks to several new product launches during the period.

Gross profit for the quarter ended Sept. 30 was $6.9 million, or 16.8% of net revenues, compared with $2.7 million, or 12.9% of net revenues, in the year-ago period.

November 4, 2011
A&P enters agreement to receive $490M to sponsor plan of reorganization

Bankrupt grocer A&P has entered into an agreement to receive $490 million of debt and equity financing from investors that will enable it to complete the restructuring of its balance sheet and emerge from Chapter 11 as a private entity in early 2012.

MONTVALE, N.J. — Bankrupt grocer A&P has entered into an agreement to receive $490 million of debt and equity financing from investors that will enable it to complete the restructuring of its balance sheet and emerge from Chapter 11 as a private entity in early 2012.

November 4, 2011
Men watch wallets 
with at-home products

The men’s grooming segment continues to be on the upswing as men continue to buy products that meet their grooming needs and increasingly turn to at-home solutions to help stretch their dollars.


The men’s grooming segment continues to be on the upswing as men continue to buy products that meet their grooming needs and increasingly turn to at-home solutions to help stretch their dollars.


November 3, 2011
L’Oréal Paris, OCRF host NYC gala to benefit ovarian cancer research

L’Oréal Paris and the Ovarian Cancer Research Fund hosted the L’Oréal Paris Legends Gala Wednesday evening at the American Museum of Natural History, uniting the beauty, fashion, finance and media industries to raise funds for ovarian cancer research.

NEW YORK — L’Oréal Paris and the Ovarian Cancer Research Fund hosted the L’Oréal Paris Legends Gala Wednesday evening at the American Museum of Natural History, uniting the beauty, fashion, finance and media industries to raise funds for ovarian cancer research.

L’Oréal Paris spokesperson Julianna Margulies hosted the gala. Kelly Ripa was honored with the OCRF Legends Award. Michael Gordon, founder and COO of Angelo, Gordon & Co., and OCRF benefactor Sally Gordon were honored with the Liz Tilberis Humanitarian Award.

November 2, 2011
NACDS joins retail groups in urging super committee to pass 'e-fairness' legislation

The National Association of Chain Drug Stores announced on Wednesday that it has joined other retail industry groups and companies in signing a letter to the Joint Select Committee on Deficit Reduction, also known as the super committee, urging it to close a tax loophole to prevent harm to traditional brick-and-mortar retail businesses — including pharmacies — and to assist states in collecting $23 billion in uncollected state sales taxes that currently are due on Internet and catalog sales.

ALEXANDRIA, Va. — The National Association of Chain Drug Stores announced on Wednesday that it has joined other retail industry groups and companies in signing a letter to the Joint Select Committee on Deficit Reduction, also known as the super committee, urging it to close a tax loophole to prevent harm to traditional brick-and-mortar retail businesses — including pharmacies — and to assist states in collecting $23 billion in uncollected state sales taxes that currently are due on Internet and catalog sales.

November 1, 2011
Implus acquired by Trilantic Capital; foot care co. poised for growth

Trilantic Capital Partners, a global private equity firm, on Tuesday announced that it has partnered with management to acquire Implus, a leader in the footwear, outdoor and fitness accessories markets.

NEW YORK — Trilantic Capital Partners, a global private equity firm, on Tuesday announced that it has partnered with management to acquire Implus, a leader in the footwear, outdoor and fitness accessories markets. Financial terms of the transaction were not disclosed.

November 1, 2011
Kroger's streamlined checkout process to be introduced in Ohio

Cincinnati's ABC affiliate station on Monday featured Kroger's Scan-Bag-Go system, a handheld device that customers use to scan bar codes as they shop.

CINCINNATI — Cincinnati's ABC affiliate station on Monday featured Kroger's Scan-Bag-Go system, a handheld device that customers use to scan bar codes as they shop. The device keeps a running tally of the purchase, and reduces the checkout process to a matter of seconds.

November 1, 2011
NCPA: Independent pharmacy can benefit health insurance exchanges

The National Community Pharmacists Association on Monday touted the benefits community pharmacies can provide for health insurance exchanges once those exchange open in 2014 in a letter addressed to the Department of Health and Human Services.

ALEXANDRIA, Va. — The National Community Pharmacists Association on Monday touted the benefits community pharmacies can provide for health insurance exchanges once those exchange open in 2014 in a letter addressed to the Department of Health and Human Services.

October 28, 2011
RAD's latest initiative may help drive growth

The program to offer certain generic drugs virtually for free to Medicare Part D beneficiaries is one of Rite Aid’s many new ways to attract more customers and thus grow its sales and profits, especially in the pharmacy.

WHAT IT MEANS AND WHY IT'S IMPORTANT — The program to offer certain generic drugs virtually for free to Medicare Part D beneficiaries is one of Rite Aid’s many new ways to attract more customers and thus grow its sales and profits, especially in the pharmacy.

(THE NEWS: Rite Aid partners with Envision Insurance Co. to offer Medicare Part D Rx drug plan. For the full story, click here)

October 18, 2011
J&J pledges to recapture luster of McNeil OTC brands

Johnson & Johnson Tuesday morning pledged significant support behind the relaunch of several McNeil Consumer products into the marketplace in 2012, and feels confident impacted brands — Tylenol and Motrin, among others — will be able to recapture market share, despite significant private-label erosion.

NEW BRUNSWICK, N.J. — Johnson & Johnson Tuesday morning pledged significant support behind the relaunch of several McNeil Consumer products into the marketplace in 2012, and feels confident impacted brands — Tylenol and Motrin, among others — will be able to recapture market share, despite significant private-label erosion.

October 17, 2011
CVS/pharmacy offers free gift cards promotion for ExtraCare Rewards members

In an effort to reward loyal shoppers, CVS/pharmacy has created a new promotion that allows members of its ExtraCare Rewards program to earn multiple free gift cards by shopping for essentials at more than 7,200 locations nationwide.

WOONSOCKET, R.I. — In an effort to reward loyal shoppers, CVS/pharmacy has created a new promotion that allows members of its ExtraCare Rewards program to earn multiple free gift cards by shopping for essentials at more than 7,200 locations nationwide.

October 13, 2011
Safeway sales positive thanks to fuel, loyal shoppers

Sales at Safeway are looking up thanks in large part to fuel gains, but the grocer's loyalty card program is expected to continue driving that sales momentum into next year as the company rolls out its Just for U digital marketing platform and explores health-and-wellness initiatives.

PLEASANTON, Calif. — Sales at Safeway are looking up thanks in large part to fuel gains, but the grocer's loyalty card program is expected to continue driving that sales momentum into next year as the company rolls out its Just for U digital marketing platform and explores health-and-wellness initiatives.

October 13, 2011
Walgreens pays dividend for 316th consecutive quarter

The board of directors of Walgreens on Wednesday declared a regular quarterly dividend of 22.5 cents per share, a 28.6% increase over the year-ago dividend.

DEERFIELD, Ill. — The board of directors of Walgreens on Wednesday declared a regular quarterly dividend of 22.5 cents per share, a 28.6% increase over the year-ago dividend. The dividend is payable Dec. 12 to shareholders of record Nov. 14.

October 11, 2011
Getting down to ‘Just the Basics’ pays off

Private-label penetration at CVS/pharmacy locations is expected to grow to more than 20% in the next two to three years, and to help drive that growth, the retailer has developed its new Just the Basics line of store-brand products.


Private-label penetration at CVS/pharmacy locations is expected to grow to more than 20% in the next two to three years, and to help drive that growth, the retailer has developed its new Just the Basics line of store-brand products.


Officially launched in February 2011, the brand represents a functional, value-
priced, smart-simplicity positioning. It is comprised of nearly 100 items, and there are plans to expand the line going forward.


October 7, 2011
Clorox CFO retires

Clorox announced that EVP and CFO Dan Heinrich, who has served as financial chief of the company since 2003, will retire Nov. 16.

OAKLAND, Calif. — Clorox announced that EVP and CFO Dan Heinrich, who has served as financial chief of the company since 2003, will retire Nov. 16.

In addition to his current role leading all aspects of the finance, business development and investor relations functions and corporate administrative services, during his career with Clorox, Heinrich also oversaw the corporate communications, risk management and IT functions. Heinrich, who joined the company in 2001 and controller, also is a member of the company's executive committee.

September 30, 2011
NRF: Swipe-fee cut will save merchants and consumers billions

Retailers and their customers will save billions of dollars when new Federal Reserve regulations cutting debit card swipe fees roughly in half take effect this weekend, the National Retail Federation said.

WASHINGTON — Retailers and their customers will save billions of dollars when new Federal Reserve regulations cutting debit card swipe fees roughly in half take effect this weekend, the National Retail Federation said.

September 28, 2011
Nestlé finance chief to retire, Walmart exec to step in

Nestlé EVP and CFO Jim Singh will retire in March 2012 after 35 years with the company.

VEVEY, Switzerland — Nestlé EVP and CFO Jim Singh will retire in March 2012 after 35 years with the company.

Replacing Singh is Wan Ling Martello, who currently serves as Walmart's EVP global e-commerce of emerging markets. She will succeed Singh on April 1, 2012.

September 22, 2011
Hershey unveils new global leadership team

Hershey's president and CEO, J.P. Bilbrey, announced changes to the chocolate giant's global leadership team.

HERSHEY, Pa. — Hershey's president and CEO, J.P. Bilbrey, announced changes to the chocolate giant's global leadership team.

Bilbrey said that Bert Alfonso has been named EVP, CFO and chief administrative officer; Michele Buck has been named SVP and chief growth officer; and Mike Wege has been named SVP and chief commercial officer. The executives joined Hershey in 2006, 2005 and 2002, respectively.

September 22, 2011
Rite Aid expands Wellness+ program, Wellness stores in Q2

Rite Aid increased sales and narrowed losses in second quarter 2012 as its Wellness+ loyalty card program continued to grow and its new Wellness store format saw continued expansion.

CAMP HILL, Pa. — Rite Aid increased sales and narrowed losses in second quarter 2012 as its Wellness+ loyalty card program continued to grow and its new Wellness store format saw continued expansion.

The company reported sales of $6.3 billion, a 1.8% increase over second quarter 2011's $6.2 billion. Losses were $92.3 million, compared with $197 million in the same period last year.

September 21, 2011
ShopperTrak: Holiday sales expected to be up, but foot traffic will drop

In the wake of several surveys projecting how shoppers will spend this holiday season, the latest study from ShopperTrak expects national retail sales to increase 3% during November and December, while foot traffic will drop 2.2%.

CHICAGO — In the wake of several surveys projecting how shoppers will spend this holiday season, the latest study from ShopperTrak expects national retail sales to increase 3% during November and December, while foot traffic will drop 2.2%.

ShopperTrak said its 3% holiday sales increase prediction follows 19 consecutive months of year-over-year U.S. retail sales growth, adding that the expected increase is moderate when compared with the 2010 holiday season's 4.1% sales increase over 2009.

September 16, 2011
Navarro Discount Pharmacy expands management team

Navarro Discount Pharmacy, a Hispanic-owned pharmacy chain and an MBF Healthcare portfolio company, has expanded its management team by naming Luis Mier as CFO and promoting Manuel Leon to VP wholesale and OTC programs.

MIAMI — Navarro Discount Pharmacy, a Hispanic-owned pharmacy chain and an MBF Healthcare portfolio company, has expanded its management team by naming Luis Mier as CFO and promoting Manuel Leon to VP wholesale and OTC programs.

September 15, 2011
Reports: Big Y bids farewell to self checkout

Big Y is saying "so long," to its self-service checkout lanes at its stores, according to published reports.

SPRINGFIELD, Mass. — Big Y is saying "so long," to its self-service checkout lanes at its stores, according to published reports.

The New England-based retailer is slated to phase out self-serve lanes at all 61 locations.

September 14, 2011
Ahold names new finance chief

Ahold has announced the appointment of Jeff Carr as EVP and CFO, starting Nov. 12.

AMSTERDAM — Ahold has announced the appointment of Jeff Carr as EVP and CFO, starting Nov. 12.

Carr will be a member of Ahold’s corporate executive board, pending shareholder approval. He will succeed Kimberly Ross, who is leaving Ahold in November to become CFO of Avon.

Carr will be responsible for Ahold’s finance, real estate and IT functions. He will also manage the company’s existing €350 million cost reduction program and explore further ways to reduce costs and simplify the business.

September 9, 2011
Booyah! Buy! Buy! Buy! Jim Cramer gets bullish on WAG

Jim Cramer on Thursday shared his bullishness on Walgreens' stock with viewers of his "Mad Money" investment advice program on CNBC during a discussion and personal tour of Walgreens' new flagship location smack in the middle of the money-makers on Wall Street.

NEW YORK — Jim Cramer on Thursday shared his bullishness on Walgreens' stock with viewers of his "Mad Money" investment advice program on CNBC during a discussion and personal tour of Walgreens' new flagship location smack in the middle of the money-makers on Wall Street. Cramer's not just a fan of Walgreens stock — he visits that new Duane Reade/Walgreens prototype two to three times per week. That makes it his personal neighborhood drug store.

September 6, 2011
Former Duane Reade CFO Tennant gets probation in securities fraud case

Former Duane Reade CFO William Tennant was sentenced to three years of probation for his securities fraud conviction in June 2010, according to published reports.

NEW YORK — Former Duane Reade CFO William Tennant was sentenced to three years of probation for his securities fraud conviction in June 2010, according to published reports.

Tennant, convicted of one count of securities fraud, was sentenced by U.S. District Judge Deborah Batts in a hearing Tuesday in a Manhattan federal court.