September 24, 2004 |
Rite Aid Corp., the No. 3 U.S. drugstore chain, reported an unexpected second-quarter profit of $9.83 million as inventory costs and interest expenses declined. The company broke even on a per-share basis compared with a loss of $10.6 million, or 4 cents, a year earlier, Camp Hill, Pa.-based Rite Aid said. Sales rose 1.8% to $4.12 billion. Shares of Rite Aid, which trails Walgreen Co. and CVS Corp. in sales, fell 18 cents to $3.58 on the NYSE.
August 19, 2008 |
Longs Drug Stores Corp. recommended in a regulatory filing that shareholders approve its $2.7-billion purchase by CVS Caremark Corp. even as activist investor Bill Ackman hired a firm to explore getting a higher price.
September 6, 2001 |
A unit of GlaxoSmithKline, the No. 2 drug maker, has alleged in a lawsuit that smaller rival Accumed Inc. has infringed its patent on Beano, a dietary supplement that helps prevent gas. Glaxo's Jersey City, N.J.-based Block Drug Co. alleges that Accumed sells food enzyme tablets that violate Block's 1995 patent on Beano, an anti-flatulence enzyme also known as alpha-galactosidase. CVS Corp. and Eckerd Corp.
March 26, 2002 |
Walgreen Co. said fiscal second-quarter earnings rose 10% as the largest U.S. drugstore chain opened stores and filled more prescriptions. Net income rose to $326.6 million, or 32 cents a share, matching estimates, while quarterly sales rose 16% to $7.49 billion. New Chief Executive David Bernauer added 158 stores and sold more medicine at its pharmacies, which generate more than half Walgreen's revenue. Walgreen has been winning customers from CVS Corp. and Rite Aid Corp.
April 1, 2000 |
Eleven of the world's leading food, drug and discount chains, including U.S. giants Safeway Inc. and Kmart Corp., unveiled a Web-based exchange to share information and cut costs in one more example of the Internet's huge impact on global business. Combined, the retailers operate more than 30,000 stores with combined 1999 revenues of $300 billion. The group includes U.S. industry giants Albertson's Inc., Target Corp. and drugstore chain CVS Corp.
March 27, 2001 |
Walgreen Co., the largest U.S. drugstore chain, said fiscal second-quarter earnings rose 19% to $283.3 million, or 28 cents a share, matching analysts' expectations, with help from higher prescription drug sales and new stores. Revenue grew 15% to $6.43 billion. The 100-year-old company opened 178 stores in the first half of the year in an effort to win more elderly customers and to better compete with CVS Corp. and Rite Aid Corp. Walgreen plans to nearly double its store count to 6,000 by 2010.
March 10, 2007 |
Federal regulators have requested more details about Express Scripts Inc.'s hostile bid for competitor Caremark Rx Inc., which could mean closer antitrust scrutiny of the proposal. The Federal Trade Commission issued a second request to Express Scripts seeking more information about its $26.5-billion cash and stock proposal to acquire Caremark, whose board is favoring a bid from CVS Corp. Nashville-based Caremark is the nation's second-largest pharmacy benefits manager, and Maryland Heights, Mo.
February 8, 1997 |
Woonsocket, R.I.-based CVS Corp., a leading East Coast drugstore chain, is branching into the Midwest and South with the $2.8-billion takeover of Revco DS Inc. of Twinsburg, Ohio. By combining, the drugstores hope to gain more bargaining power by offering insurers a longer list of potential patients. Some analysts said they did not expect antitrust issues to be a major obstacle. The combined companies would have 4,000 outlets and revenue this year of about $13 billion.
April 14, 2006 |
Albertsons Inc., the supermarket chain being sold for about $9.8 billion, had its credit rating cut three levels to junk by Moody's Investors Service because the company is being split. Albertsons' senior unsecured long-term rating was cut to Ba3 from Baa3 and the short-term to Not Prime from Prime-3. Supervalu Inc. agreed to buy more than 1,110 Albertsons stores in January. As part of the sale, CVS Corp.