Circuit City Profit Up in 4Q
Richmond, Va. Circuit City Stores Inc. said Wednesday it swung to a fourth-quarter profit, as cost cutting offset lower sales for a period that included the bulk of the crucial holiday-shopping season.
The company said it earned $4.85 million in the three months ended Feb. 29 vs. a loss of $4.25 million a year earlier.
“With the rollout of the store-level transformation complete, we have turned our full attention to improving the in-store customer experience through crisp execution and to rebuilding a more effective customer-focused sales culture,” Philip J. Schoonover, Circuit City’s CEO, said in a news release.
Although Circuit City saw an increase in profit, total revenue fell 8% to $3.65 billion, from $3.95 billion last year. Meanwhile, same-store sales fell 10.4%.
For the full year, Circuit City lost $319.9 million compared to a loss of $8.3 million during the prior year. Revenue fell to $11.7 billion from $12.4 billion a year ago.
For the first quarter of the current fiscal year, the company expects a loss from continuing operations before taxes of $180 million to $195 million, due to weak operating trends.
Rite Aid to open doctor-staffed clinics
COLUMBIA, Md. Rite Aid will be opening retail clinics at four locations in Baltimore and Washington this summer, Rite Aid and clinic partner MedStar Health announced on April 8.
“MedStar PromptCare clinics will provide our customers and community with accessible, high-quality medical care in a convenient setting,” stated Mark de Bruin, Rite Aid evp of pharmacy services. “These in-store health clinics offer services that complement the medication counseling and care provided by our pharmacists. It’s a great combination and clearly supports Rite Aid’s focus on health and wellness.”
MedStar Health, a large Mid-Atlantic hospital and health care provider, Rite Aid and Consumer Health Services, a manager of on-site physician-staffed health clinics, have entered into an agreement to launch MedStar PromptCare walk-in health clinics inside select Rite Aid stores.
Under the agreement, MedStar Health will provide clinical oversight and ensure access to necessary follow-up specialty and acute medical services for the clinics. The clinics will be staffed by physicians to provide treatment for ailments such as strep throat, flu and urinary tract infections; minor injuries such as lacerations, sprains and minor fractures, as well as health and wellness screenings and vaccinations.
MedStar PromptCare physicians will be credentialed by and have admitting privileges to MedStar Health’s hospitals, including Georgetown University Hospital and Washington Hospital Center in Washington, as well as Montgomery General Hospital in Montgomery County, Md., and Franklin Square Hospital Center, Good Samaritan Hospital, Harbor Hospital, and Union Memorial Hospital, which are all located in Baltimore.
Target ceo banks $140M
NEW YORK According to a regulatory filing, Target’s outgoing ceo Robert Ulrich took in more than $140 million in deferred compensation and pension benefits during his four-decade tenure at the discount retailer.
Robert Ulrich is expected to retire as ceo on May 1, but he will remain chairman of the board. Gregg Steinhafel, who joined Target in 1979 and is now its president, will succeed Ulrich as ceo.
In a regulatory filing, Target said Ulrich received much of his compensation in the mid-1980s, into the the 1990s through a deferred compensation program designed to retain top talent and reward longevity with the company.
This helped build his $140.7 million in accumulated savings, earnings and supplemental pension benefits, the filing said.