News

Rite Aid announces debt refinancing move, forecasts Q1 profit

BY Alaric DeArment

CAMP HILL, Pa. — Rite Aid moved to refinance its debt Friday, announcing that it would buy half a billion dollars in notes using proceeds from a new loan, while also projecting that it would turn a profit in the first quarter of its fiscal year 2014, results of which it will announce next week.

The retail pharmacy chain said it would buy $500 million worth of 7.5% Senior Secured Notes, due 2017, using the proceeds from a $500 million second lien term loan.

The offer will expire on July 5 unless it’s extended, the company said.

The company estimates that it will post a profit of between $75 million and $90 million for the first quarter of fiscal 2014, which ended on Saturday, compared with a loss of $28.1 million during the same period last year. This would make the quarter the third consecutive one in which the 4,615-store chain has reported a profit.

 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

News

Reports: Target to expand organic product selection

BY Alaric DeArment

NEW YORK — Target is offering new natural and organic food products as part of its Simply Balanced private label, according to published reports.

The Associated Press reported that the line would start with such products as drinks and snacks, and was an outgrowth of similar products sold under the Archer Farms label. 

A spokeswoman for Target told Drug Store News that the new collection would replace the existing Archer Farms Simply Balanced collection and Archer Farms organic products and would include many of the products from the previous collection, as well as new ones. The company launched Archer Farms Simply Balanced in 2009.

"We know many Target guests are increasingly seeking to add wholesome and organic food options to their wellness lifestyles," the spokeswoman said. "By introducing a new collection where guests can find these attributes in one place, Target is enhancing these choices in its grocery assortment to become a destination for healthy foods at great prices."

The AP also reported that the mass merchandise retailer would be announcing plans to increase its selection of organic foods by 25% within four years. Plans are in place to eliminate all genetically modified ingredients from the line by the end of next year.

 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

News

Sour Punch candies expands distribution to Target stores nationwide

BY Jason Owen

LOS ANGELES — American Licorice Company announced today that its Sour Punch Punchies candy will be available nationwide at all Target stores beginning in June.

In support of the Punchies launch, American Licorice Co. is running an in-store retailer promotion for all retailers that carry Punchies. The promotion will run between June 27 and Aug. 30. It will include special in-store displays nationwide, each with a Punchies character and QR code. Consumers can scan the QR code on the display and/or Punchies package to play the instant game and unlock an entry form into the Grand Prize Sweepstakes.

Prizes include:

  • (1) Grand Prize Winner — Trip of a lifetime for a family of four: vacation to Universal Orlando Resort (includes roundtrip airfare for four; three-night hotel accommodations at a Universal Orlando Resort Property (two-bedroom suite); hotel guests enjoy exclusive theme park benefits (skip the lines, early admission to the Wizarding World of Harry Potter); ground transportation (to and from airport and hotel); four-day theme park tickets with unlimited access to Universal Studios Florida, Universal Island Adventure and Sea World Orlando; and $500 spending cash.

There will also be 195 First Place Winners (from an instant win game), with the prize being a Punchies “Back to School” Prize Pack (backpack, water bottle, T-shirt and Punchies candy).

When live, the URL will be punchiescandy.com/sweepstakes. Visit the site to learn more or find a retail store.

This article has been updated to reflect a change in the start date of the national in-store promotion.


Like this story? Find us on Facebook for more insight, analysis and the latest in drug store news. Join the conversation.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES