Walgreen, Rite Aid fall short in May
New York City An early Easter and a late Memorial Day took a toll on drugstore sales in May, with both Walgreen Co. and Rite Aid reporting same-stores sales declines.
Walgreen Co. said Thursday its same-store revenue fell 0.2% in May, but total revenue jumped on recently acquired Duane Reade drug stores. Analysts polled by Thomson Reuters expected a 1.5% gain in same-store revenue, on average. Total revenue in May rose 5.9% to $5.7 billion.
In April, Walgreen completed its $623 million buyout of the Duane Reade drugstore chain, adding 258 additional stores in the metropolitan New York City area.
Walgreen said same-store pharmacy revenue fell 0.4%, while front-end same-store revenue rose 0.3%. (The additional Duane Reade stores are not included in same-store revenue.)
Rite Aid Corp. said its same-store revenue fell 1.7% in May on a mix of lower front-end retail product revenue and pharmacy revenue. Analysts had expected a 1.1% decline.
Front-end same-store revenue fell 3.6%, while pharmacy same-store revenue fell 0.8%. Rite Aid said its total revenue fell 2.7% to $2.44 billion in May.
Macy’s celebrates Pride month
NEW YORK Macy’s announced that it has celebrating Pride month with a multitude of in-store fashion events, advertising support, special tribute windows in select stores, gift registry booths for same-sex couples in key cities, as well as sponsorship and employee participation in Pride parades across the country.
“We are proud to support our LGBTQ employees and consumers through initiatives that recognize and honor our commitment to diversity and inclusion,” said Corliss Fong, Macy’s vice president of diversity strategies. “Macy’s remains a steadfast supporter of inclusiveness in all aspects of our business and we join in celebration with millions across the nation who live with pride and joy this June.”
GameStop announces exec promotions
GRAPEVINE, Texas GameStop has announced the promotion of existing executives into new positions within the company.
The promotions include: Daniel DeMatteo, executive chairman, from CEO; J. Paul Raines, CEO, from COO; Tony Bartel, president, from EVP merchandising and marketing; and Robert Lloyd, EVP and CFO, from SVP and acting interim CFO.
“I am pleased to congratulate the team along with our board on the execution of this succession plan that has been two years in the making,” indicated Dan DeMatteo. “Paul, Tony, Rob and Mike are filling key positions that will allow GameStop to continue its growth both here and internationally. This includes expansion into new markets and continued focus on strategic initiatives such as our new loyalty program, downloadable content (DLC) marketing and sales, and the evolution of GameStop.com into a robust digital platform.”