FINANCE

Rite Aid swings to Q2 profit; lifts view

BY Marianne Wilson

Camp Hill, Pa. — Rite Aid Corp. reported that it swung to profit in the second-quarter profit, fueled by increased sales and stronger margins. The drugstore chain raised its full-year forecast.

Rite Aid reported a profit of $32.8 million for the quarter ended Aug. 31, compared with a year-earlier loss of $38.8 million. It was the chain’s fourth-straight quarterly profit.

Sales for the quarter were $6.3 billion, up from $6.2 billion in the year ago period. Same-store sales were up by 1%,

“We posted excellent results in the second quarter, highlighted by another quarter of net income and an all-time company record for second-quarter Adjusted EBITDA,” said Rite Aid chairman and CEO John Standley. “As we continue to improve our operational and financial performance, we are also making tremendous progress in transforming our more than 4,600 stores into true neighborhood destinations for health and wellness, as indicated by our successful launch of the wellness65+ loyalty program for seniors, a strong start to our flu immunization campaign and the completion of our 1,000th wellness store remodel.”

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OPERATIONS

Kohl’s to hire more than 50,000 holiday workers

BY Marianne Wilson

Menomonee Falls, Wis. — Kohl’s Department Stores said it plans on hiring more than 50,000 associates nationwide this holiday season to support seasonal business in stores and growth on its online platform.

Kohl’s anticipates hiring an average of 40 associates per store to provide shoppers with excellent customer service throughout the holiday season at its 1,158 stores in 49 states.

In addition, the company anticipates hiring approximately 6,400 seasonal positions at distribution centers across the country and approximately 350 seasonal credit operations positions.

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REAL ESTATE

Ikea to open its largest North America store, in Montreal

BY Marianne Wilson

Burlington, Ontario — Ikea announced the completion of North America’s largest Ikea location, in Ville St. Laurent. Growing from 237,473 sq ft to 469,694 sq ft, the state-of-the-art Ikea Montreal will host a warehouse that is twice the size, doubling the amount of products available to take home at any time.

The new store will also offer customers 1407 parking spots, 600 seats in the restaurant, 48 cash lanes, 54 room settings and 2 full home settings.

"We are thrilled to be able to reward both our customers and coworkers with a world-class store." says Alain Cloutier, Ikea Montreal Store Manager. "The new store will offer a superior shopping experience; more in-store services and the larger warehouse will ensure that even our kitchen customers can take home their purchases the same day."

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