Eckerd deal closes
This article was originally published in The Tan Sheet
Executive Summary
J.C. Penney closes the $4.5 bil. sale of Eckerd drugstore chain July 31, completing deal announced in April (1"The Tan Sheet" April 12, 2004, p. 7). Jean Coutu Group picks up stores and facilities in 13 states in the Northeast. CVS acquires Florida and Texas stores, as well as Eckerd's pharmacy benefits management and mail order businesses...
You may also be interested in...
CVS Stretches California Footprint, Reaches Hawaii With Longs Buy
CVS/Caremark is gaining a retail pharmacy presence in major new markets in California and other western states through its acquisition of Longs
CVS Buy Of 700 Albertsons Stores Reinforces Frontrunner Position
CVS' acquisition of approximately 700 Albertsons standalone drug stores, including about 331 in Southern California, will provide the company with rapid access to the Los Angeles, Orange County and San Diego markets, the drug chain reported
CVS sales & earnings
Retailer's sales jumped 24% to $7.91 bil. in the fiscal third quarter (ended Oct. 2) due to the acquisition of Eckerd drugstores, pharmacy benefit management, mail order businesses. The Eckerd purchase negatively impacted net earnings, which decreased 1.7% to $184.6 mil. Same-store sales increased 5.2%, with pharmacy same store sales up 6.8% and front-end same-store sales up 1.8%; same store sales figures will include Eckerd stores beginning in August 2005. President & CEO Tom Ryan reports CVS' "core business is thriving, and the integration of Eckerd's store and PBM businesses is ahead of schedule." The Eckerd deal closed in July (1"The Tan Sheet" Aug. 9, 2004, In Brief)...