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Rite Aid Same-Store Sales Up 1% in Jan.

BY CSA STAFF

Camp Hill, Pa. Rite Aid Corp. said Thursday its same-store sales grew 1% in January due to better results from its name brand pharmacies.

For the four weeks ended Jan. 24, Rite Aid said pharmacy same-store sales grew 1.5%, and “front-end” sales dipped 0.1%. Results were significantly stronger at Rite Aid stores than at Brooks Eckerd stores.

At Rite Aid banners, total same-store sales improved 2.1%. Pharmacy same-store sales rose 3.1% and front-end sales declined 0.1%. Same-store sales for Brooks Eckerd were down 1.1%, as pharmacy sales fell 1.3% and front-end revenue slid 0.6%.

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Best Buy to reduce headquarters staff

BY CSA STAFF

MINNEAPOLIS Best Buy will lay off an unspecified number of headquarters employees on Feb. 19. The move is on top of the 500 voluntary layoff workers agreed upon earlier this month. The move reduces the corporate headcount to 3,500.

According to reports, average non-managerial employees will receive six months of severance pay.

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Tractor Supply posts 1.3% comps gain in Q4

BY CSA STAFF

BRENTWOOD, Tenn. Tractor Supply Company announced that net sales for the fourth quarter increased 10.5% to $799.5 million from $723.3 million in the prior year’s fourth quarter. Same-store sales increased 1.3% compared with a 3.8% gain in the prior year’s fourth quarter.

Net income for the quarter was $24.7 million, or 67 cents per diluted share, compared to net income of $30 million, or 77 cents per diluted share, in the fourth quarter of the prior year.

For fiscal 2008, net sales increased 11.3% to $3.01 billion from $2.70 billion and same-store sales increased 1.4% compared to 3.4% for fiscal 2007.

Net income for fiscal 2008 was $81.9 million, or $2.19 per diluted share, compared to net income of $96.2 million, or $2.40 per diluted share, for fiscal 2007.

During fiscal 2008, the company opened 91 new stores and relocated one store. This compares to 89 new store openings, 12 relocations, and selling its only Del’s store located in Canada in fiscal 2007.

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