FINANCE

Home Depot May Cut HR Jobs

BY CSA STAFF

Atlanta Home Depot workers might face job cuts as the chain restructures its human resources function at its U.S. locations, according to the Associated Press.

The Home Depot told about 2,200 employees this week that they would be affected by the changes, which will be completed by May 1.

A spokesman for Home Depot said there could be job cuts, though at this point it is unclear how many.

After the changes, there will no longer be a human resources manager in each of the company’s 1,970 U.S. stores. Human resources supervisor positions at U.S. stores also will be eliminated, according to the report.

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Charming Shoppes: Directors should be re-elected

BY CSA STAFF

BENSALEM, Pa. Charming Shoppes announced that it has mailed proxy materials to its shareholders calling for the re-election of its chairman, president and ceo, Dorrit Bern, Alan Rosskamm and Jeannine Strandjord.

Charming Shoppes’ annual meeting of shareholders will take place on Thursday, May 8.

 

Charming Shoppes also urged shareholders to reject the three individuals nominated by a dissident shareholder group led by the Crescendo Partners and Myca Partners hedge funds in opposition to Charming Shoppes’ incumbent directors.

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Rite Aid March comps up 2.6%

BY CSA STAFF

CAMP HILL, Pa. Rite Aid reported that total drug store sales for the four weeks ended March 29 increased 50.7% to $2.04 billion as compared to $1.3 billion for the same period last year. Prescription revenue accounted for 67.6% of drug store sales, and third party prescription revenue represented 96.2% of pharmacy sales.

Same-store sales for the month of March increased 2.6 % over the prior-year period. Pharmacy same-store sales increased 1%, which included an approximate 493 basis points negative impact from new generic introductions. Front-end same-store sales were up 5.7%. March same-store sales were positively affected by a shift to a March Easter this year from an April Easter last year, the company reported.

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