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Tesco, Sainsbury match Asda on plan to sell cancer drug at cost price

BY CSA STAFF

New York City U.K. supermarket groups Tesco and J Sainsbury said they will match rival Asda Group Ltd. on retail pricing for cancer drugs after Asda pledged to sell the drugs on a not-for-profit basis.

Asda, the second-largest supermarket retailer in the United Kingdom by sales and market share behind Tesco, is owned by Wal-Mart Stores. Asda said its not-for-profit price would be effective in its stores from May 24.

Meanwhile, another U.K. supermarket chain, William Morrison Supermarkets PLC, said it has been retailing cancer drugs at cost price for two years already and therefore does “not need to engage in a price war.”

Asda said research showed pharmacies are marking up the cost of the drugs on private prescriptions by up to 76%, with 63% of consumers unaware that private prescription prices vary between them. The company said it had checked the price of seven of the most commonly, privately prescribed cancer drugs in UK pharmacies and had found mark-ups of up to 76%.

“Cancer is the U.K.’s second biggest killer, affecting nearly 300,000 people per year and for many the cost of treatment is well above what they can afford,” Asda said in a statement.

In the United Kingdom, some cancer drugs are considered too costly to be available on the state-run National Health Service. They also are eligible for price mark-ups by retailers

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Apr-24-2013 05:59 am

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Apr-24-2013 05:58 am

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Limited Brands sees EPS increase

BY CSA STAFF

COLUMBUS, Ohio Limited Brands reported that adjusted earnings per share for the first quarter ended May 1, were 25 cents compared with earnings per share of 1 cent for the quarter ended May 2, 2009. First quarter operating income was $185 million compared with operating income of $65.2 million last year, and adjusted net income was $82.9 million compared with net income of $2.6 million last year.

Comparable-store sales for the first quarter increased 10%, and net sales were $1.93 billion compared to $1.72 billion last year. 

 

The company stated that it expects 2010 second-quarter adjusted earnings per share to be 27 cents to 32 cents compared with adjusted earnings per share of 19 cents per share last year. 

For 2010, the company expects adjusted earnings per share of $1.60 to $1.80.

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Children’s Place Q1 sales, earnings up

BY CSA STAFF

SECAUCUS, N.J. The Children’s Place Retail Stores announced first-quarter net income from continuing operations of $28 million, or $1.00 per diluted share for the 13-week period ended May 1, compared with $23.7 million, or 80 cents per share in the first quarter of 2009.

Net sales increased 5% to $422.1 million in the first quarter of 2010, compared with $401.9 in the first quarter of 2009. Comparable-retail sales, which include online sales, declined 0.5% in the first quarter of fiscal 2010 compared with a 1% increase the previous year. During the first quarter of 2010, comparable-store sales declined 1.7% in the United States and 4.6% in Canada, while online sales increased 22%.

“We delivered record financial results and made significant progress on key initiatives in the first quarter of 2010,” commented Jane Elfers, president and CEO of The Children’s Place. “We strengthened the senior leadership team with the appointment of five talented and experienced executives to head our merchandising, planning, outlet, information technology and human resources operations. In addition, we accelerated our new store openings, sharpened our marketing programs and continued to drive double-digit online growth.”

The company updated its guidance for fiscal 2010 and now projects earnings per diluted share from continuing operations will be in the range of $3.05 to $3.15, reflecting its first quarter results, from its initial guidance of $2.90 to $3.10. The company provided initial guidance for the second quarter of 2010, which is forecast to be a loss per share from continuing operations of 38 cents to 33 cents.

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