Burlington Coat Factory 2Q Sales Fall
Burlington, N.J. Burlington Coat Factory said net sales decreased 3.9%, or $38.2 million, to $946.6 million for the second quarter ended Dec. 1, 2007. Same-store sales decreased 8.0%.
The decrease in same-store sales is primarily attributed to unseasonably warm weather in September and October and weakened consumer demand during the period.
The company also reported a net income of $23.2 million compared with $11.7 million during the same period of the previous year. The increase in net income is primarily attributable to improved markup on new purchases and decreases in depreciation expense, selling and administrative expense and interest expense.
Kmart Pharmacy lowers flu shot price
HOFFMAN ESTATES, Ill. Kmart is lowering the price on flu shots at its pharmacies, the company announced Tuesday.
Customers can now receive a flu shot for just $10 at most Kmart Pharmacies while supplies last. The price in California, Hawaii, Louisiana, Minnesota, Montana, Pennsylvania, Rhode Island, Tennessee, Wisconsin, and Wyoming may be slightly higher due to state regulations.
“People need to remember that flu season is in full swing, and it can strike at any time, so we are lowering prices to encourage more people to do what they can to protect themselves,” said Mark Doerr, RPh, vp of Kmart Pharmacy. “While the flu season has not been as severe as some recent years, the latest CDC updates report that flu activity is on the rise.”
Crescendo seeks Charming Shoppes representation
BENSALEM, Pa. Charming Shoppes Tuesday confirmed that it has received notice that Crescendo Partners II L.P., Series Q, intends to nominate three individuals, including two hedge fund representatives, for election to Charming Shoppes’ board of directors at the company’s 2008 annual meeting of shareholders.
In a statement issued Tuesday, Charming Shoppes board of directors and management team said that they have begun discussions with Crescendo partners and will continue doing so as long as they are constructive. The company added that it will not be distracted by the threat of a proxy contest from a dissident shareholder group.