PETsMART Names Hardin to Board
Phoenix, Joseph S. Hardin Jr., the retired president and CEO of Kinko’s, has been named to the PETsMART board of directors, bringing its membership to 12.
Prior to his leadership position at Kinko’s, Hardin served in several executive positions at Wal-Mart over an 11-year career with the retailer.
7-Eleven Spurns Japanese Offer
New York City, 7-Eleven, the world’s largest convenience store chain, rejected an “inadequate” tender offer from its parent company Seven-Eleven Japan. The Japanese bid of $32.50 per share was deemed too low, and consequently not in the best interests of shareholders. 7-Eleven added that its advisors are in conversation about an increased offer, though a higher bid is not assured.
Rite Aid Posts Q2 Loss
Camp Hill, Pa., Rite Aid lost $1.6 million in the second quarter, compared to net income of $9.9 million in the same quarter last year. Same store sales increased 0.5%—consisting of a 0.8% decline in pharmacy and a 3.0% gain in front-end same-store sales.
Revenues for the quarter were $4.13 billion, up from $4.12 billion in the prior-year quarter.
The company remains on track to make its target of 80 new and relocated stores by the end of fiscal 2006.