CVS posts November financial results
WOONSOCKET, R.I. CVS Caremark announced on Thursday that it experienced a same-store sales increase of 4.4 percent for November.
Pharmacy same-store sales also rose 4.4 percent, and were negatively impacted by about 450 basis points due to recent generic introductions. Front-end same-store sales rose 4.6 percent.
During the four-week period ended Nov. 24, the company opened 21 new stores, closed one location and relocated six others. As of Nov. 24, CVS operated 6,246 pharmacy locations in 40 states and the District of Columbia.
FTC accepts A&P’s proposed Pathmark acquisition
MONTVALE, N.J. The Federal Trade Commission has accepted a proposed consent agreement relating to A&P’s acquisition of Pathmark, according to grocer A&P. In addition, the Hart-Scott-Rodino Act waiting period has expired, permitting the parties to close the transaction.
A&P expects to complete the acquisition, which includes 140 Pathmark stores in New York, New Jersey, Pennsylvania and Delaware, on or about Dec. 3. According to Drug Store News estimates, the combined company will have total pharmacy revenues of more than $700 million, making it roughly the 24th largest pharmacy retailer in America, behind Duane Reade.
The terms of the consent agreement require A&P to divest six stores located in New York within a short period following completion of the acquisition. A&P noted that it has entered agreements to sell all of the stores required to be divested, and those sales have been approved by the FTC.
Those six stores being sold under the consent agreement: four Waldbaum’s stores, at 3251 Richmond Avenue South, 778 Manor Road, 4343 Amboy Road, and 1441 Richmond Avenue, and the Pathmark store at 2660 Hylan Boulevard, all on Staten Island, N.Y., to King Kullen Grocery Co.; and the Waldbaum’s store at 999 Montauk Highway, Shirley, N.Y., to Stop & Shop Supermarket Cos.
The stores being divested represent combined annualized sales of approximately $149 million and EBITDA of approximately $6 million.
The consent agreement will be subject to a 30-day public comment period, after which the FTC may propose modifications before the consent order is made final. However, A&P is not required to delay closing of the acquisition for the comment period.
Kroger celebrates Daytona 500 50th anniversary with largest NASCAR promotion ever
CINCINNATI Kroger is hoping that their shoppers think NASCAR when they shop in one of its many stores.
Kroger and 50-plus brands are carrying what is being considered the largest promotion for NASCAR ever.
The brands, which include goods from General Mills, ConAgra, Kellogg and PepsiCo, will be sporting the Daytona 500 race logo in honor of the event’s 50th anniversary.
Kroger is one of the largest grocers in the United States with 2,500 stores in 37 states.
The retail effort will run for seven months, according to reports.
From accessories to soft drinks, nearly every product category will be under the promotional umbrella via newspaper circulars and advertisements in-store and in the media.
Kroger will also roll out NASCAR displays and host appearances by drivers.
According to the ISC, the Daytona 500 generated 30 million viewers last year, it was sold out attendance-wise, and a 30-second spot during broadcasts cost $500,000. Corporate sponsors of the 50th anniversary race run the gamut from Holiday Inn to Gatorade.