Same-store sales jump 5% for Fred's

   

MEMPHIS, Tenn. (Sept. 2) Fred’s on Wednesday posted sales of $134.3 million, representing an increase of 5%, for the four weeks ended Aug. 28. Comparable-store sales for the month increased 3.6%, versus a decrease of 1.4% in the same period last year.

“August sales continued the positive pattern set in the first half of the year and provide a solid start to the third quarter,” stated Bruce Efird, Fred’s CEO. “Comparable-store sales for the month were at the higher end of our quarterly guidance, driven by general merchandise departments and increased customer traffic. The Core 5 program, as well as the success of our back-to-school promotions, continues to validate the marketing and merchandising programs initiated earlier this year.”

Rite Aid's August same-store sales drop

   

CAMP HILL, Pa. (Sept. 2) Rite Aid posted a same-store sales decline of 1% for the five weeks ended Aug. 28, the pharmacy retailer announced Thursday. August front-end same-store sales decreased 0.9%, while pharmacy same-store sales, which included an approximate 225 basis point negative impact from new generic introductions, declined 1%. Prescriptions filled at comparable stores decreased 1.2% over the prior-year period.

Total drug store sales for the five-week period decreased 2.2% to $2.3 billion. Prescription revenue accounted for 68.5% of drug store sales, and third-party prescription revenue represented 96.2% of pharmacy sales.

Meanwhile, same-store sales for the 13-week quarter ended Aug. 28 decreased 1.5% over the prior-year period. Front-end same-store sales were down 0.9%, while same-store pharmacy sales decreased 1.8%. Prescriptions filled at comparable stores decreased 2.1% over the prior-year period.

Total drug store sales for the 13-week second quarter decreased 2.5% to $6.1 billion. Prescription revenue represented 68.1% of total drug store sales, and third-party prescription revenue was 96.1% of pharmacy sales.

Pfizer to acquire FoldRx

   

NEW YORK (Sept. 1) Pfizer announced Wednesday that it will acquire a privately held drug discovery and clinical development company.

FoldRx's portfolio includes clinical and preclinical programs for investigational compounds to treat diseases caused by protein misfolding, which increasingly is recognized as an underlying cause in many chronic degenerative diseases. FoldRx's lead product candidate, tafamidis meglumine, is an oral, disease-modifying therapy for TTR amyloid polyneuropathy (ATTR-PN), a progressively fatal genetic neurodegenerative disease, for which liver transplant is the only treatment option that currently is available, the companies said.

Financial terms of the agreement were not disclosed.

"By combining FoldRx's proprietary expertise in identifying and developing treatments for protein misfolding diseases with Pfizer's commercial, medical and regulatory expertise, and global strengths in patient services and reimbursement, we are taking a significant step toward potentially bringing, for the first time, a nonsurgical treatment option for underserved patients affected by the deadly disease ATTR-PN," said Geno Germano, president and general manager of Pfizer's specialty care business unit. "This transaction will add another important component to the growing portfolio of innovative in-line and investigational medicines for orphan and rare diseases within Pfizer's specialty care business, and will complement the current and planned future research and clinical development taking place in Pfizer's specialty care neuroscience disease area."

Added FoldRx president and CEO Richard Labaudiniere, "Pfizer's strong clinical and regulatory resources, global marketing reach and commitment to the treatment of rare diseases will significantly enhance the ability to pursue the goal of efficiently bringing tafamidis to all patients affected by this devastating neurodegenerative disease."