Elan shareholders approve acquisition by Perrigo
DUBLIN — The shareholders of Elan Corp. approved the acquisition of the company by Perrigo Co. at two special meetings.
As previously announced earlier this year, Perrigo and Elan entered into an agreement under which the two companies will combine to form New Perrigo, an entirely new company incorporated in Ireland. The closing of the deal remains subject to approval by the Irish High Court and is expected to occur by the end of the year.
Walmart to kick off Cyber Monday early
SAN BRUNO, Calif. — Walmart is providing a number of special holiday deals to online and mobile shoppers as part of an early Cyber Monday promotion that begins Saturday, Nov. 30. In addition, Walmart’s mobile app customers, Facebook fans and email subscribers will be among the first to receive invitations to an early shopping event on Sunday, Dec. 1, featuring up to 20 of the best Cyber Monday items while supplies last, before they are widely available.
Walmart.com has tripled the number of early access items compared to last year’s Cyber Week event, when the retailer offered one early access item per day. Starting Nov. 22, nearly all Walmart.com items (and half of Marketplace items) are eligible for free shipping on orders over $35. Customers can also upgrade to a faster 3-5 day option for $2.97, with most orders arriving in three days or less, without a subscription fee. In addition select Cyber specials will be available for customers to order online and pick up at their local Walmart store that same day, from Saturday, Nov. 30, through Cyber Monday, Dec. 2.
"Last year, Cyber Monday was our best sales day in Walmart.com’s history and we’ve spent all year preparing to make it even better for customers," said Joel Anderson, president and CEO, Walmart.com U.S. "More than two-thirds of people who plan to shop in our stores on Black Friday also plan to shop Cyber Monday.** Every year there’s a bigger appetite for Cyber Monday, so we’re giving our customers great deals and rolling back our free shipping minimum to $35, helping them extend their budgets this holiday season."
Increased traffic drives up Dollar Tree’s Q3 results
Increased customer traffic helped drive Dollar Tree’s third-quarter results. The retailer cited growth in consumer basics, as well as seasonal and variety merchandise, and said its higher-margin variety categories are growing at a faster pace.
The company reported consolidated net sales for the quarter of $1.9 billion, a 9.5% increase from $1.72 billion for the year-ago quarter. Comparable store sales increased 3.1%.
“I am pleased with our performance in the third quarter,” said CEO Bob Sasser. “Our comparable-store sales increase was driven principally by increased customer traffic, as new customers are finding Dollar Tree to be part of their solution to balance their household budgets. Our stores executed a quick transition from Halloween and are set with fresh, high-value merchandise for Thanksgiving and the Holiday season.”
During the third quarter, Dollar Tree opened 117 stores, expanded or relocated 19 stores and closed 6 stores. The company operates 4,953 stores in 48 states and 5 Canadian Provinces as of Nov. 2.
Estimated sales for the fourth quarter are anticipated to be in the range of $2.25 billion to $2.31 billion, based on a range of low-single digit positive comparable store sales.