Rite Aid to remove Coutu from board
Camp Hill, Pa. – Rite Aid will remove François J. Coutu from the board of directors effective as of Oct. 31. 24/7 Wall Street reports that a recent share sale by The Jean Coutu Group, which has held a seat on the board since 2007, brings its ownership of the company under the 5% threshold for board membership.
According to 24/7 Wall Street, The Jean Coutu Group has been selling Rite Aid shares at less than purchase price for some time.
Domino’s Pizza delivers strong quarterly results
Ann Arbor, Mich. – Domino’s Pizza, Inc. delivered strong results in net income, revenues and same-store sales during second quarter 2013. Net income totaled $33.3 million, up 18.5% from $28.1 million the same quarter a year earlier. Total revenues were about $414.1 million, up roughly 10% from $376.1 million a year earlier. Same-store sales rose 5.8% following an increase of 5.7% a year earlier, driven by 6.8% growth in domestic franchise stores.
“Our team is very proud to be driving the continued transformation of this 53-year-old brand,” said J. Patrick Doyle, president and CEO of Domino’s. “We’ve not just endured – we’ve grown and outperformed, and made Domino’s a frequent and favorite choice for our customers. Our franchisees around the world are running great and successful businesses. This quarter’s results were more evidence for us that we’re on the right track with our strategic plan and execution. Our company’s valuation has reflected this positive performance and rewarded our shareholders. This all just makes us more energized to keep pushing forward.”
Taco Bell says goodbye to kids’ meals and toys
Irvine, Calif. – Taco Bell plans to discontinue all kids’ meals and toys at its U.S. restaurants. The fast-food chain will start removing the items from its menu at stores this month at anticipates to have eliminated all kids’ meals and toys in the U.S. by January of next year. Menu items from kids’ meals will remain available for individual purchase.
Greg Creed, CEO of Taco Bell, said kids’ meals are not part of the company’s long-range strategy and have an insignificant impact on overall sales.
“As we continue our journey of being a better, more relevant Taco Bell, kid’s meals and toys simply no longer make sense for us to put resources behind,” said Creed. “What does make sense is concentrating on expanding choices that meet and exceed the diverse needs of consumers of all ages, without losing focus on what makes us great today.”