Financial News

DEERFIELD, Ill. — On the eve of a potential Federal Trade Commission approval of the Express Scripts-Medco merger, Walgreens' underlying fundamentals still are strong, Walgreens president and CEO Greg Wasson told analysts Tuesday morning. It's that underlying strength that has helped Walgreens in the wake of its exit from the Express Scripts pharmacy benefit network, a factor that impacted Walgreens' net earnings by 7 cents per diluted share for its second quarter ended Feb. 29.

According to analysis by Pharmavite, vitamin-buying households spend more than other category buyers across the health and beauty department with regard to average dollars spent per item per occasion. Vitamin buyers spend $14.95 per item per occasion, versus $14.54 for the next highest category (women’s fragrance) and $12.11 for shoppers buying diet aids.


Increases in the prices of prescription drugs have far outpaced the rate of general inflation over the years, as increases in the prices of branded and specialty drugs have offset decreases in the prices of generics, according to a new report by AARP’s research arm.


The study, conducted by AARP’s Public Policy Institute, found that the cumulative change in drug prices from 2005 to 2009 was almost double the rate of inflation. As a result, the average annual cost of drug therapy continued to rise.


SAN FRANCISCO — McKesson on Monday announced that it has completed the previously announced acquisition of the independent banner and franchise businesses of Katz Group Canada in an all-cash transaction that closed March 25.

U.S. prestige beauty posted its highest sales results in 15 years, with all beauty categories surpassing pre-recession levels, according to market research firm NPD Group. According to NPD’s beauty market research, total U.S. prestige beauty generated $9.5 billion in 2011, an increase of 11% in dollars. This compares with $8.6 billion in 2010.


SALT LAKE CITY — Schiff has realized some sales success reducing its reliance on promotion across the joint health category — a category that has been defined by the prevalence of buy-one, get-one deals over the past few years — the company told analysts Thursday in a discussion on fiscal 2012 third-quarter results.

GOODLETSVILLE, Tenn. — Dollar General's quarterly profit surged 33% to a record $299 million, from $226 million in the prior year.

Sales increased 20.1% to $4.19 billion, compared with $3.49 billion in the year-ago period. Same-store sales rose 6.5%.

For the full year, profit rose 26% to $819 million, from $649 million in 2010. Sales surged 13.6% to $14.8 billion, from $13 billion last year. Same-store sales rose 6%.

MEMPHIS — Regional discounter Fred's made good on its promise of a year ago to further expand a new merchandising initiative, but an intensely competitive market made fourth-quarter sales tough to come by.