Supermarket Wellness Watch: 5 Key Health Trends For 2017
David Orgel is an award-winning business journalist, industry expert and speaker who was the longtime chief editor and content leader of Supermarket News. He is currently the principal of David Orgel Consulting, delivering strategic content and counsel to the food, retail and CPG industries.
Theranos cuts 41% of workforce
PALO ALTO, Calif. — Theranos Friday announced it will cut 155 jobs, or 41% of its workforce, leaving the company with 220 employees.
According to Palo Alto-based Theranos, further re-engineering of the company’s operations are needed as it works towards commercialization of its miniLab testing platform and its related technologies.
“These are always the most difficult decisions; however, this move allows Theranos to marshal its resources most efficiently and effectively,” Theranos stated on its website. “The restructuring follows a period of significant change at the company that has included the building out of its executive team with substantial additional regulatory, compliance and operational expertise.”
As Drugstorenews.com has reported, Walgreens sued Theranos for $140 million on Nov. 9, following the drug store retailer terminating its relationship with the California company and closing operations at all 40 Theranos Wellness Centers at its stores in June.
It is uncertain if the job cuts are in any way related to the pending lawsuit.
Jean Coutu Group sales up 1.9% despite generic pressures
VARENNES, Québec — The Jean Coutu Group on Friday posted a 1.9% increase in revenues to $576.8 million for the quarter ended Nov. 26.
“During the third quarter, network retail sales and front-end sales of our distribution centers grew strongly, eloquently reflecting the success of our business strategies and the effectiveness of their implementation," stated François Coutu, president and CEO Jean Coutu Group. "We will continue to make the necessary efforts to enhance our offering to drive growth in retail sales and maintain our leadership.”
For the quarter ended Nov. 26, 2016, on a same-store basis, the PJC network's retail sales increased by 3.6%, pharmacy sales increased by 4.4% and front-end sales increased by 2.8%. Sales of non-prescription drugs, which represented 9% of total retail sales, increased by 2.8% compared with 3.9% for the corresponding period of fiscal year 2016.
Generic drugs reached 71.4% of prescriptions during the third quarter of fiscal year 2017 compared with 69.8% of prescriptions for the comparable period of the previous fiscal year. The increase in the number of generic drugs prescriptions with lower selling prices than brand name drugs had a deflationary impact on the pharmacy's retail sales.
For the third quarter of fiscal year 2017, the introduction of new generic drugs reduced pharmacy's retail sales growth by 0.7%. Furthermore, price reductions of generic drugs reduced retail sales growth by 0.3%.