Holiday retail sales edge up in 2015
Drug chains were not immune to the shift in holiday shopping away from brick-and-mortar retailing. Holiday retail sales growth barely exceeded 4%, down from last season’s 4.4% advance and well off the 5.
Business
WBA makes financing move for Rite Aid acquisition
Walgreens Boots Alliance (WBA) Inc. has completed $12.8 billion in term loan facilities as part of the financing for its $17.2 billion deal to acquire Rite Aid Corp. WBA said Monday that the transactions include the placement of $5 billion of term loan facilities — split between two tranches of $2.
Walmart names Rogers chief marketing officer
Tony Rogers reportedly has been appointed as chief marketing officer at Walmart. Published reports said Friday that Rogers, a 10-year company veteran who has been CMO of Walmart China for the past two years, succeeds Stephen Quinn, who is retiring.
Rite Aid 3Q earnings meet Wall Street’s forecast
Rite Aid Corp. posted fiscal 2016 third-quarter adjusted earnings in line with Wall Street estimates and announced a special shareholders meeting to vote on its $17.2 billion deal to be acquired by Walgreens Boots Alliance Inc. Rite Aid said Thursday that for the third quarter ended Nov.
CVS closes purchase of Target pharmacies, clinics
CVS Health has completed its $1.9 billion acquisition of Target Corp.’s pharmacy and retail health clinic business. The companies said Wednesday that Target’s 1,672 pharmacies in 47 states will be branded as CVS/pharmacy and operated under a store-within-a-store format.
CVS Health’s Merlo: ‘No one is better positioned’
At its annual Analyst Day event here, CVS Health updated its earnings guidance for 2016 and reiterated its five-year targets.
FTC requests more info on WBA-Rite Aid deal
The Federal Trade Commission has requested additional information from Walgreens Boots Alliance (WBA) Inc. and Rite Aid Corp. regarding WBA’s proposed acquisition of Rite Aid.
Report: Walmart marketing chief to step down
BENTONVILLE, Ark. – Stephen Quinn reportedly is retiring next month as Walmart’s chief marketing officer. The discounter intends to hire Michael Francis, who spent nearly 27 years at Target Corp., as a marketing consultant, according to an article Thursday by the Wall Street Journal.
Health care spending outpaces economy
Health care spending in the United States last year exceeded $3 trillion as five years of slow growth was replaced by the Affordable Care Act’s expansion of Medicaid and private health insurance coverage. Prescription drug prices accelerated as well.
November sales inch up at Rite Aid
Rite Aid Corp. posted a slight gain in comparable-store sales for November. Rite Aid said Thursday that for the five weeks ended Nov. 28, comp-store sales edged up 0.9% year over year, compared with a 1% same-store sales increase for October (covering a four-week period).
AmerisourceBergen’s Collis to become chairman
Steven Collis, president and chief executive officer of AmerisourceBergen Corp., has been named to succeed Richard Gozon as chairman. The company said Wednesday that Collis is slated to become chairman upon Gozon’s retirement at AmerisourceBergen’s annual shareholders meeting on March 3, 2016.
Walgreens’ Chawla joins Kohl’s as COO
MENOMONEE FALLS, Wis. – Sona Chawla, president of digital and chief marketing officer at Walgreen Co., has been named chief operating officer at Kohl’s Department Stores.
AB InBev, SABMiller strike deal to merge
Beer giants Anheuser-Busch InBev has reached an agreement to acquire SABMiller plc in a deal valued at about $108 billion. Clearing the way for the agreement was a deal for SABMiller to sell its 58% stake in its MillerCoors LLC joint venture to partner Molson Coors Brewing Co. for $12 billion.
Kroger to buy Roundy’s in $800 million deal
Kroger Co. plans to acquire food and drug retailer Roundy’s Inc. in a deal valued at about $800 million. Kroger said Wednesday that under the agreement it will buy all outstanding shares of Roundy’s for nearly $178 million in cash, or $3.60 per share, and assume Roundy’s $646 million in debt.
Transformative changes the norm at Walgreens
The acquisition of Rite Aid Corp. culminates sweeping change at Walgreens in the space of a little over three years.
Rite Aid has come a long way
It’s been an impressive journey for Rite Aid Corp. Not long ago, Rite Aid was a struggling drug chain, laden with debt and unable to keep pace with larger, fast-growing competitors. But today, under a firmer financial footing, the $26.