Content about finance

July 15, 2011

Clorox on Friday confirmed it has received an unsolicited conditional proposal from Icahn Enterprises to acquire the company for $76.50 per share, subject to due diligence, financing and other conditions.

OAKLAND, Calif. — Clorox on Friday confirmed it has received an unsolicited conditional proposal from Icahn Enterprises to acquire the company for $76.50 per share, subject to due diligence, financing and other conditions. Clorox said its board of directors, in consultation with its financial and legal advisers, will review the proposal in due course. 

Goldman, Sachs & Co. and J.P. Morgan Securities are serving as financial advisers, and Wachtell, Lipton, Rosen & Katz is legal adviser.

July 15, 2011

Safeway on Thursday announced the resignation of Don Keprta, president of its Chicago-area Dominick's Finer Foods division.

PLEASANTON, Calif. — Safeway on Thursday announced the resignation of Don Keprta, president of its Chicago-area Dominick's Finer Foods division. 

"Don has contributed significantly to the Dominick's stores. His commitment and innovation helped the stores evolve to best serve the Chicagoland customers,” stated Steve Burd, Safeway chairman, president and CEO. “We are fortunate that he has produced a team that is prepared to continue to build on our current momentum.”

July 13, 2011

The board of directors of Walgreens on Wednesday increased the quarterly dividend 28.6% — the largest quarterly dividend increase in the company's 110-year history — to 22.5 cents per share from the previous rate of 17.5 cents per share.

DEERFIELD, Ill. — The board of directors of Walgreens on Wednesday increased the quarterly dividend 28.6% — the largest quarterly dividend increase in the company's 110-year history — to 22.5 cents per share from the previous rate of 17.5 cents per share.

July 12, 2011

Regional pharmacy chain Navarro Discount Pharmacy, which currently has 29 stores, has named finance executive Juan Ortiz the company's CFO, to the position of CEO.

MIAMI — Regional pharmacy chain Navarro Discount Pharmacy, which currently has 29 stores, has named finance executive Juan Ortiz the company's CFO, to the position of CEO.

Ortiz succeeds CEO Steve Kaczynski, whose expertise in retail merchandising and marketing over the last 18 months has been instrumental in setting a strategic direction for the company and expanding its footprint in South Florida and nationally.

July 11, 2011

Canada Safeway last month quietly launched a new loyalty program called the SafewayClub Elite Customer, according to published reports.

WINNIPEG, Manitoba — Canada Safeway last month quietly launched a new loyalty program called the SafewayClub Elite Customer, according to published reports. Shoppers who qualify with a $125 weekly grocery bill can choose among a number of perks, including a nickel-per-liter discount off gasoline, 10% off roses and deli sandwiches, and cash back up to $300.

July 7, 2011

Nearly 80% of consumers plan to offset the burden of rising gas prices by altering their shopping behaviors, according to new research.

NEW YORK — Nearly 80% of consumers plan to offset the burden of rising gas prices by altering their shopping behaviors, according to new research.

The survey, conducted by market information leader TNS, also found that 35% of respondents are removing items from their "typical" grocery list to save money. Other ways consumers are saving money is by purchasing private-label items over national brands (30%) and opting to shop at discount outlets over traditional retail outlets (32%).

July 5, 2011

ProPhase Labs on Tuesday announced that it received a letter from the NASDAQ Stock Market indicating that the company no longer is in compliance with NASDAQ listing rules because the closing bid price per share of its common stock has dropped below $1 per share for 30 consecutive trading days.

DOYLESTOWN, Pa. — ProPhase Labs on Tuesday announced that it received a letter from the NASDAQ Stock Market indicating that the company no longer is in compliance with NASDAQ listing rules because the closing bid price per share of its common stock has dropped below $1 per share for 30 consecutive trading days.

ProPhase will have until Dec. 27 to push its stock price above $1 for a minimum of 10 consecutive trading days to regain compliance or risk being delisted.

June 27, 2011

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

ASHEVILLE, N.C. — Ingles Markets' board of directors declared a cash dividend of 16.5 cents per share on all of its Class A common stock and 15 cents per share on all of 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 July 21 to all shareholders of record on July 7.

June 27, 2011

Walgreens is making online shopping more convenient for its customers with its new Web pickup service.

DEERFIELD, Ill. — Walgreens is making online shopping more convenient for its customers with its new Web pickup service.

June 17, 2011

Leonard Green & Partners and CVC Capital Partners said Friday they are making a joint buyout bid worth an undisclosed amount for BJ's Wholesale Club.

NEW YORK — Leonard Green & Partners and CVC Capital Partners said Friday they are making a joint buyout bid worth an undisclosed amount for BJ's Wholesale Club.

The two private equity firms revealed their plans in a Securities and Exchange Commission filing on Friday. The bid price was not disclosed.

In February, BJ's announced it was exploring a sale. In March, Leonard Green already is the chain's larger shareholder, with a 9.3% stake.

June 14, 2011

Back-to-school shopping likely will take place even later this year than in 2010, as consumers hope to score last-minute deals, the latest forecast from PriceGrabber revealed.

LOS ANGELES — Back-to-school shopping likely will take place even later this year than in 2010, as consumers hope to score last-minute deals, the latest forecast from PriceGrabber revealed.

PriceGrabber, a part of Experian, found that 95% of consumers are planning to use some sort of money-saving technique when back-to-school shopping, and they plan to start shopping later in 2011 than they did in 2010.

June 14, 2011

One week after the Senate failed to pass an amendment that would have delayed swipe-fee reform for an additional 12 months, the Department of Justice Antitrust Division reportedly is addressing anticompetitive practices related to credit cards.

WASHINGTON — One week after the Senate failed to pass an amendment that would have delayed swipe-fee reform for an additional 12 months, the Department of Justice Antitrust Division reportedly is addressing anticompetitive practices related to credit cards.

The agency has submitted a final consent decree in its enforcement action against Visa and MasterCard, according to the Food Marketing Institute.

June 14, 2011

Many American consumers are in favor of oral contraceptive coverage by both private and government-subsidized health insurance plans, according to a Thomson Reuters-National Press Radio Health Poll released Friday.

ANN ARBOR, Mich. — Many American consumers are in favor of oral contraceptive coverage by both private and government-subsidized health insurance plans, according to a Thomson Reuters-National Press Radio Health Poll released Friday.

"Our survey findings provide a benchmark for public sentiment on issues that are continually dividing lawmakers, businesspeople and healthcare professionals," said Raymond Fabius, chief medical officer at the healthcare business of Thomson Reuters.

June 10, 2011

Activist investor Bill Ackman, and his Pershing Square Capital Management investment fund, has become the largest owner of Family Dollar stock, according to a regulatory filing.

MATTHEWS, N.C. — Activist investor Bill Ackman, and his Pershing Square Capital Management investment fund, has become the largest owner of Family Dollar stock, according to a regulatory filing.

The filing noted that Ackman has bought a stake of 8.9%.

The news follows just a few months after the retailer turned down an active takeover bid by Nelson Peltz's Trian Fund.

June 8, 2011

Sens. Jon Tester, D-Mont., and Bob Corker, R-Tenn., have offered an amendment to legislation that is designed to delay swipe-fee reforms.

WASHINGTON — Sens. Jon Tester, D-Mont., and Bob Corker, R-Tenn., have offered an amendment to legislation that is designed to delay swipe-fee reforms.

June 3, 2011

Walmart's board of directors has approved a new program authorizing the company to repurchase $15 billion of its shares, the company announced at its 41st annual meeting of shareholders Friday.

BENTONVILLE, Ark. — Walmart's board of directors has approved a new program authorizing the company to repurchase $15 billion of its shares, the company announced at its 41st annual meeting of shareholders Friday.

This program replaces the previous $15 billion program, announced on June 4, 2010, that had approximately $2 billion of remaining authorization. Under the program, repurchased shares are retired constructively and returned to unissued status.

June 1, 2011

Sales and profits continued to pile up at Dollar General during the first quarter as shoppers sought value at the retailer’s 9,500 stores.

GOODLETTSVILLE, Tenn. — Sales and profits continued to pile up at Dollar General during the first quarter as shoppers sought value at the retailer’s 9,500 stores.

The company reported a 5.4% increase in same-store sales and said total sales increased 10.9% to $3.45 billion during the quarter ended April 29. Profits adjusted to account for several one-time items increased 14% to $166 million, while earnings per share of 48 cents were 2 cents shy of analysts’ consensus estimate due to gross margins pressures.

June 1, 2011

Global health services company Cigna has hired former Alberto Culver executive Ralph Nicoletti to serve as EVP and CFO, effective June 20.

PHILADELPHIA and BLOOMFIELD, Conn. — Global health services company Cigna has hired former Alberto Culver executive Ralph Nicoletti to serve as EVP and CFO, effective June 20.

Nicoletti assumes executive leadership responsibility for all of Cigna's financial operations and functions, as well as for Cigna's investment management and strategic planning units. He will be based in Bloomfield, Conn.

May 26, 2011

Royal Ahold banner Giant-Carlisle has opened a new gas station near a store in Lancaster, Pa., the supermarket chain said.

CARLISLE, Pa. — Royal Ahold banner Giant-Carlisle has opened a new gas station near a store in Lancaster, Pa., the supermarket chain said.

The company opened the station on Thursday morning, within walking distance of the Giant Food Store on Centerville Road.

The gas station features a new, 1,000-sq.-ft. “grab and go” kiosk, which will offer products for motorists, such as chilled beverages, coffee, snacks, car products, a lottery machine, an ATM and Giant-brand milk and bread.

May 26, 2011

Kroger banners Ralphs and Food 4 Less have commenced their Honoring Our Heroes fundraising campaign to benefit the United Service Organizations.

LOS ANGELES — Kroger banners Ralphs and Food 4 Less have commenced their Honoring Our Heroes fundraising campaign to benefit the United Service Organizations.

The checkstand fundraising, which will run through Aug. 13, is in conjunction with the USO's 70th anniversary.

All monies collected through the Ralphs/Food 4 Less Honoring Our Heroes fundraising program will be donated directly to the USO to support its programs, entertainment and other services for our service men and women.

May 19, 2011

The National Retail Federation on Wednesday launched a 60-day lobbying, grassroots and media campaign aimed at ensuring that a new federal law — which is designed to save retailers and their customers more than $1 billion a month by lowering the “swipe fees" banks charge to process debit card transactions — takes effect in late July as scheduled.

WASHINGTON — The National Retail Federation on Wednesday launched a 60-day lobbying, grassroots and media campaign aimed at ensuring that a new federal law — which is designed to save retailers and their customers more than $1 billion a month by lowering the “swipe fees" banks charge to process debit card transactions — takes effect in late July as scheduled.

May 5, 2011

Tara Harding, SDI senior director of sales operations, was honored as an industry rising star by the Healthcare Businesswomen’s Association during its 2011 Woman of the Year award luncheon Thursday.

NEW YORK — Tara Harding, SDI senior director of sales operations, was honored as an industry rising star by the Healthcare Businesswomen’s Association during its 2011 Woman of the Year award luncheon Thursday.

April 29, 2011

Kroger now is offering its shoppers the ability to redeem SavingStar e-coupons when they use their Kroger Plus Card at checkout.

WALTHAM, Mass. — Kroger now is offering its shoppers the ability to redeem SavingStar e-coupons when they use their Kroger Plus Card at checkout.

According to a press release from SavingStar, it is the only national paperless grocery coupon service, and the addition of Kroger to the SavingStar network of retailers increases the number of grocery and drug stores offering their customers digital coupons through SavingStar to more than 24,000 stores nationwide.

April 28, 2011

Wholesaler Costco on Tuesday said its board of directors has approved a $4 billion share buyback program. The company also raised its quarterly dividend by 17% to 24 cents, up from 20.5 cents.

ISSAQUAH, Wash. — Wholesaler Costco on Tuesday said its board of directors has approved a $4 billion share buyback program. The company also raised its quarterly dividend by 17% to 24 cents, up from 20.5 cents.

The share buyback program expires in April 2015 and replaces a previous plan set to expire in July, which had $800 million remaining, the company said.

April 28, 2011

Net income for Safeway dropped due to a tax charge and the retailer's decision to repatriate $1.1 billion from its wholly owned Canadian subsidiary, although the company noted revenue rose nearly 5%.

PLEASANTON, Calif. — Net income for Safeway dropped due to a tax charge and the retailer's decision to repatriate $1.1 billion from its wholly owned Canadian subsidiary, although the company noted revenue rose nearly 5%.

Net income for the first quarter ended March 26 dropped to $25.1 million, or 7 cents per diluted share, compared with $96 million, or 25 cents per diluted share, in first quarter 2010. Excluding the tax charge, Safeway said first-quarter net income was $105.3 million, or 29 cents per diluted share.