FINANCE

Spartan to Sell Some Stores to Rite Aid

BY CSA STAFF

Grand Rapids, Mich. Grocery store operator and distributor Spartan Stores Inc. said Thursday it will sell 12 Pharm retail stores to Rite Aid Corp. Terms were not disclosed.

Spartan Stores chairman and CEO Craig C. Sturken said in a statement that the sale allows the company to “focus more on our core distribution and conventional supermarket operations.”

The company said it is also in talks to sell its two remaining Pharm retail stores in separate transactions.

The Rite Aid sale is targeted to close in 45 to 60 days.

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Charming Shoppes: Directors should be re-elected

BY CSA STAFF

BENSALEM, Pa. Charming Shoppes announced that it has mailed proxy materials to its shareholders calling for the re-election of its chairman, president and ceo, Dorrit Bern, Alan Rosskamm and Jeannine Strandjord.

Charming Shoppes’ annual meeting of shareholders will take place on Thursday, May 8.

 

Charming Shoppes also urged shareholders to reject the three individuals nominated by a dissident shareholder group led by the Crescendo Partners and Myca Partners hedge funds in opposition to Charming Shoppes’ incumbent directors.

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Rite Aid March comps up 2.6%

BY CSA STAFF

CAMP HILL, Pa. Rite Aid reported that total drug store sales for the four weeks ended March 29 increased 50.7% to $2.04 billion as compared to $1.3 billion for the same period last year. Prescription revenue accounted for 67.6% of drug store sales, and third party prescription revenue represented 96.2% of pharmacy sales.

Same-store sales for the month of March increased 2.6 % over the prior-year period. Pharmacy same-store sales increased 1%, which included an approximate 493 basis points negative impact from new generic introductions. Front-end same-store sales were up 5.7%. March same-store sales were positively affected by a shift to a March Easter this year from an April Easter last year, the company reported.

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