FINANCE

Rite Aid narrows Q3 loss on higher same-store sales

BY Katherine Boccaccio

CAMP HILL, Pa. –Rite Aid Corp. reported Thursday that it lost $54.5 million in the fiscal quarter, narrowed from a loss of $81.5 million a year earlier. The chain has trimmed its projected loss for fiscal 2012 based on the results.

Revenue rose almost 2% to $6.31 billion, compared with $6.2 billion in the year-ago period and surpassing Wall Street’s expected $6.29 billion in revenue. Same-store sales increased 2%.

Rite Aid is upping its store improvement spending and has focused efforts on building its Wellness Plus rewards program.

The chain Aid had 4,679 stores as of Nov. 26, down 62 from a year ago.

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News

Toys “R” Us stores to stay open for 112 consecutive hours

BY Staff Writer

WAYNE, N.J. — Toys"R"Us announced that its stores nationwide will remain open for 112 uninterrupted hours beginning at 6am on Tuesday, Dec. 20 and continuing through 10 p.m. on Christmas Eve.

In conjunction with continuous shopping during the last few days leading up to Christmas, Toys"R"Us will hold a two-day sale from Tuesday, Dec. 20 to Wednesday, Dec. 21.

"For the second consecutive year, our stores will remain open continuously during the days leading up to Christmas, allowing shoppers more time and more ways to shop with Toys"R"Us than ever before," said Greg Ahearn, chief marketing officer for Toys"R"Us U.S. "Whether gift-givers want to finish their holiday shopping at Toys"R"Us stores or online at Toysrus.com, they’ll be sure to find the broadest assortment of toys anywhere, at any time, all at values that elicit Christmas cheer."

Customers who want to shop online up to the last minute can submit orders by 2 p.m. on Christmas Eve for same-day in-store pick-up.

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OPERATIONS

Tiffany announces management shift

BY Staff Writer

New York –Tiffany & Co. announced that Stephane Lafay has been appointed to the newly-created position of group VP – Asia-Pacific Region and President – Tiffany Japan.

Lafay, 46, joined Tiffany in 2009 as president of Tiffany’s Japan organization. A search is underway for a managing director of Japan who will report to Lafay.

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