FINANCE

Rite Aid takes bigger loss Q2 on lower sales

BY CSA STAFF

New York City Rite Aid Corp. on Thursday reported a bigger loss for its fiscal second quarter as its revenue slipped 2.5% and it refinanced some of its debts.

The chain said some sales trends have improved, but predicted a bigger loss that it previously expected and cut its revenue forecast for the current fiscal year.

Rite Aid said it had a net loss of $199.3 million in the quarter ended Aug. 31. Its net loss was $120.4 million. The company said revenue fell to $6.16 billion. Analysts expected $6.19 billion. Same-store sales fell 1.5%.

Rite Aid closed 20 stores during the quarter, remodeled five and relocated one.

Also contributing to Rite Aid’s loss were costs related to its wellness-plus customer rewards program. Rite Aid said 22 million shoppers are now participating in the wellness-plus program, which was launched in April. Membership has increased by about 10 million in the last three months. The company also said demand for flu shots has increased compared to last year.

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Sears.com gets what’s ‘NEXT’ in fashion

BY CSA STAFF

HOFFMAN ESTATES, Ill. – Sears.com announced that it has become the exclusive retailer of NEXT, a popular U.K. fashion retailer, NEXT, the U.K.’s popular fashion retailer that offers beautifully designed and high-quality apparel, shoes and accessories.

"Customers who shop our millions of offerings online, including NEXT apparel, will be able to take advantage of our online shopping experience that is truly focused on the customer and providing them with choice," said Imran Jooma, president e-commerce at Sears Holdings. "At Sears.com, we are always looking to expand and evolve our customer experience while also delivering popular items and on-trend fashions to customers. NEXT gives customers both style and affordability, so they don’t have to choose between the two."

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Office Depot launches [email protected] furniture line

BY CSA STAFF

BOCA RATON , Fla. – Office Depot announced that it is partnering with Thomasville, one of the nation’s leading furniture brands, to launch its new and exclusive [email protected] Collection. The collection is available online at www.officedepot.com/thomasville and in select Office Depot retail stores.

The line includes two collections — vintage and trek — featuring desks, hutches, filing cabinets, bookcases and storage solutions. Products range in price from $119.99 to $499.99.

“With the challenging economic environment, and more and more people working from home, it’s critical to offer a functional, quality and affordable furniture option, and that’s exactly what Office Depot is doing,” said Lee Pell, SVP merchandising for Office Depot. “Joining with Thomasville has allowed us to offer high-quality furniture pieces at a sensible cost.”

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