Financial News

ORRVILLE, Ohio — J.M. Smucker said it has completed its acquisition of the coffee brands and business operations of Rowland Coffee Roasters, a privately owned, Miami-based company.

The company completed the $360 million transaction with cash on hand and borrowings under its existing credit facility. The transaction is expected to contribute approximately 5 cents per diluted common share to fiscal 2012 earnings, excluding one-time costs of the transaction, J.M. Smucker said.

BENTONVILLE, Ark. — Walmart reported first-quarter earnings that were above the company's guidance, reflecting stability and strength in global operations, according to company president and CEO Mike Duke.

Walmart's net income was $3.4 billion, or 98 cents per diluted share, compared with net income of $3.3 billion, or 87 cents per diluted share.

NEW YORK — The Deloitte Consumer Spending Index, which tracks consumer cash flow as an indicator of future consumer spending, fell to 3.16% from an upwardly revised gain of 3.78% a month ago.

The index showed the largest single month decline since November 2007.

Deloitte said that the index, which is comprised of four components — including tax burden, initial unemployment claims, real wages and real home prices — saw a drop due to "a sharp deterioration in real wages coupled with a rise in jobless claims."

JERUSALEM — Generic drug maker Teva Pharmaceutical Industries will acquire a privately owned manufacturer of generic drugs based in Japan, Teva said Monday.

Teva announced the purchase of a 57% stake in Nagoya, Japan-based Taiyo Pharmaceutical Industry Co. for $460 million, with plans to extend its offer to purchase all remaining shares of the company.

WHITEHOUSE STATION, N.J. — Drug maker Merck has completed its acquisition of eye care company Inspire.

As previously reported, Merck announced its plan to acquire the company for $5 per share in cash, or $430 million. In addition, Monarch Transaction, a wholly-owned subsidiary of Merck, has merged with and into Inspire, with Inspire surviving as a wholly owned subsidiary of Merck, effective today.

NEW YORK — Japan-based Takeda Pharmaceutical may acquire Switzerland’s Nycomed for $12 billion, according to published reports.

Reuters reported Thursday that Takeda was in talks to buy Nycomed in order to expand its presence in the European market. Most of Takeda’s business is in Asia and the United States.

Nycomed makes treatments for such diseases as chronic obstructive pulmonary disease, chronic pain, osteoporosis and others.

WASHINGTON — U.S. retail sales rose for the 10th consecutive month in April, increasing 0.5% to $389.4 billion, the U.S. Census Bureau reported Thursday.

The government agency also disclosed retail sales experienced a 7.6% jump above the year-ago period. Across retail sectors, grocery stores during April rose 1.5% to nearly $45.9 million, up from $45.3 million in March; while health and personal care stores, which have experienced positive numbers over the past several months, saw a surprise drop of 0.3% to nearly $22.7 million for the month.

BELLEVUE, Wash. — Drugstore.com on Tuesday announced the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the proposed merger by which the company would be acquired by Walgreens in a cash transaction.

The deal previously was announced on March 24.