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Rexall acquires two Shoppers Drug Mart stores

BY Antoinette Alexander

MISSISSAUGA, Ontario — Canadian pharmacy retailer Rexall has received approval from the Competition Bureau of Canada to purchase two Shoppers Drug Mart stores — one in Sechelt, British Columbia and the other in Devon, Alberta.

These transactions result from the March 2014 Consent Agreement between Loblaw and the Bureau relating to Loblaw’s acquisition of Shoppers Drug Mart.

“Today is a very exciting day for our entire organization as we begin to prepare to welcome two new stores to the Rexall family and become a member of these communities,” said Warren Jeffery, COO of Rexall. “We are committed to providing a level of service that customers and patients of these stores have come to expect and deserve.  In the weeks and months ahead, we will be working hard to ensure the transition is as smooth and seamless as possible for our new customers, patients, employees and the community.”

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Kmart’s Q3 same-store sales see slight lift

BY Antoinette Alexander

HOFFMAN ESTATES, Ill. — Sears Holdings announced on Thursday that third-quarter results were in-line with estimates, with Kmart comparable-store sales on the upswing.

"We remain intently focused on delivering an unparalleled integrated retail experience for our customers through Shop Your Way and above all, returning Sears Holdings to profitability," said Edward Lampert, Sears Holdings' chairman and CEO. "During the quarter, we unveiled or expanded several Integrated Retail customer initiatives, which helped drive online and multi-channel sales. Our members are responding to our transformation, and we are encouraged by the year-over-year domestic Adjusted EBITDA trends, which mark a positive departure from the prior six quarters. At the same time, we continue to enhance the Company's capital structure and liquidity to support our transformation into an integrated membership-focused company."

The company reported that net loss attributable to Sears Holdings' shareholders was $548 million ($5.15 loss per diluted share) for the third quarter of 2014, compared with $534 million ($5.03 loss per diluted share) for the prior year third quarter.

Revenues decreased approximately $1.1 billion to $7.2 billion for the quarter ended Nov. 1, as compared with revenues of $8.3 billion in the year-ago period.

Third quarter highlights include:

  • Online and multi-channel sales grew approximately 9% over the prior year third quarter and approximately 18% over the prior year first nine months as the company continues to transform to an Integrated Retail Platform – with shopping at the store, online and on mobile;
  • Sales to Shop Your Way members in Sears Full-line and Kmart stores were 72% of eligible sales, consistent with the third quarter last year; and
  • Kmart comparable-store sales increased 0.5% for the quarter, as compared with a 2.1% decline in the third quarter of last year. Apparel, outdoor living and toys were top performers. Excluding the impact of the consumer electronics and grocery and household goods businesses, comparable store sales would have increased 2.8%.

"Over the past several months, we have taken a number of actions to enhance our financial flexibility, support our operations during the upcoming holiday and post-holiday season, and meet our obligations. We have proven that we are an asset-rich enterprise with multiple levers at our disposal to generate financial flexibility, while creating shareholder value. In total, the actions we have taken have generated $2.2 billion in liquidity in fiscal 2014 thus far. We will continue to strategically monetize assets and manage our resources more efficiently in order to redeploy capital in support of the transformation,” said Rob Schriesheim, Sears Holdings' CFO.

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Costco sees boost in November sales

BY Antoinette Alexander

ISSAQUAH, Wash. — Costco reported net sales of $9.43 billion for the month of November, a 7% increase from $8.79 billion during the similar period last year.

Same-store sales for the month increased 5%, with U.S. same-store sales increasing 7%.

For the 12-week first quarter ended Nov. 23, the company reported net sales of $26.28 billion, an increase of 7% compared with $24.47 billion during the similar period last year.

For the 13 weeks ended Nov. 30, the company reported net sales of $28.73 billion, an increase of 7% from $26.80 billion during the similar period last year.
 

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