Signet Jewelers Q4 net income falls 9%
Bermuda — Signet Jewelers Ltd., whose brands include Kay Jewelers and Jared The Galleria of Jewelry, reported Wednesday that net income for the quarter ended Jan. 29 decreased 9% to $105.4 million, from $115.5 million a year earlier.
Revenue for the period rose 6% to $1.27 billion from $1.2 billion, meeting Wall Street expectations. Same-store sales increased 8.1%.
Drugstore.com shareholders challenge Walgreens’ acquisition
STEVENSON, Md. — The law firm of Brower Piven on Tuesday announced that a class action lawsuit has commenced in the Delaware Chancery Court on behalf of all shareholders of Drugstore.com, alleging violations of state law by the company’s board of directors relating to the proposed acquisition by Walgreens.
The complaint alleged that Drugstore.com’s board of directors breached their fiduciary duties by failing to maximize shareholder value, among other things.
The complaint further alleged that while the company announced that the $3.80 in cash for each share of stock is a premium of approximately 102% over Drugstore.com’s 30-day average closing stock price — and a premium of approximately 113% over the closing price of Drugstore.com’s common stock on the last trading day prior to the announcement — the proposed transaction price actually represents a small premium to the company’s summer stock high of $3.34 per share (13.8%) and a discount to prior trading prices in the last year. (The stock traded at a high of $3.91 on May 3, 2010.)
Drugstore.com stock was trading at a four-penny premium to the Walgreens offer Wednesday morning, apparently in anticipation of a rival offer or a sweetened pot from Walgreens. However, according to several analysts, that’s not likely to happen. “Walgreens’ offer was for a whopping 113% premium,” wrote Rick Munarriz in a March 28 Motley Fool column, referencing the March 23 Drugstore.com closing price of $1.79. “A higher offer for a company that has missed Wall Street’s profit targets in three of last year’s four quarters seems highly unlikely.”
If consecrated, the Walgreens/Drugstore.com deal will make for an online health retailing powerhouse — Walgreens and Drugstore.com were ranked Nos. 68 and 46, respectively, out of all online retailers in the Internet Retailer’s "Top 500 Guide."
Whole Foods giving away some green for green (films)
AUSTIN, Texas and WASHINGTON — Whole Foods Market announced that it is teaming up with AFI-Discovery Channel Silverdocs Festival, the nation’s leading documentary festival, to award $50,000 in grant money to filmmakers working in the green film genre.
A portion of all ticket sales from the "Whole Foods Market Do Something Reel" Film Festival will go towards a film production and development grant that will encourage filmmakers to continue making stories about the environment and the impact of everyday choices consumers make. Two grants of $25,000 each will be awarded to documentary feature filmmakers at varying stages of development — from conception through completion.
The online grant application process will be open from April 1 to 30 and selected grant candidates will be notified by June 14. The Whole Foods Market/AFI-Discovery Channel Silverdocs "Green Grant" will be presented at the 2011 AFI-Discovery Channel Silverdocs Festival Awards Ceremony on June 25.
According to a press release issued by Whole Foods and Silverdocs, submitted film concepts and films in progress should explore a green theme, such as food sustainability, and feature real people making a difference, while offering a message of inspiration.
"We realize how difficult it can be to get documentaries in the lime light, so we hope the festival and the grant program will help put a spotlight on films that speak to our mission as a company and to the values of our shoppers," said Marci Frumkin, marketing and project director of Do Something Reel Film Festival for Whole Foods Market. "It is a true honor to team up with Silverdocs to curate the grant process that will help filmmakers who are passionate about our planet and its tenants spread their important messages via film."