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BUSINESS
September 24, 2004 | From Bloomberg News
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.
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BUSINESS
September 19, 2000 | Dow Jones
The nation's largest drugstore chain said Monday that it has completed its acquisition of Bergen Brunswig Corp.'s Stadtlander Pharmacy unit for $124 million. The sale of the Pittsburgh unit of CVS Corp. in Woonsocket, R.I., removes the second of two units that have dragged down the earnings of Bergen, an Orange-based distributor of drugs and medical products. Bergen recently sold its PharMerica unit, a supplier of pharmacy services to nursing homes.
BUSINESS
March 26, 2012 | By Shan Li
Drugstore operator CVS Caremark Corp. is planning to close all 25 of its upscale Beauty 360 stores and accompanying website as it looks to expand other cosmetic offerings. Twenty-three of those shops are located in California, including four Southland stores in Manhattan Beach, Rolling Hills Estates, Yorba Linda and Mission Viejo. All stores will be shuttered by May 19, the company said. Originally billed as a makeup destination for the "time-starved woman," Beauty 360 was conceived in 2008 as a high-end shop that carried more prestigious brands than the average CVS drugstore and offered spa-like services such as hand massages and express facials.
BUSINESS
August 19, 2008 | From Times Wire Services
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.
BUSINESS
September 6, 2001 | Bloomberg News
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.
BUSINESS
March 26, 2002 | Bloomberg News
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.
BUSINESS
April 1, 2000 | Reuters
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.
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