Financial News

SALISBURY, N.C. — In an effort to make shopping easier and more affordable for its customers, Food Lion will make a $110 million investment in its stores by remodeling 71 stores in the greater Richmond, Va., market this year. This effort includes remodeling the stores, additional price investments throughout the year and investments in associates and the community through Food Lion Feeds, the grocer's hunger relief initiative.

WOONSOCKET, R.I. — CVS Health on Tuesday reported net income for the three months ended March 31 decreased 16.9% year over year to $953 million. According to CVS, this decline was primarily driven by the decline in operating profit, partially offset by lower interest expense of $31 million related to refinancing activity in the prior year as well as the improvement in the effective income tax rate, from 39.4% to 37.3%.

LAKELAND, Fla. — Publix reported sales for its 2017 first quarter were $8.69 billion, a 0.4% decrease compared to from last year’s $8.72 billion, while comparable-store sales for the first quarter of 2017 decreased 2.1%.

Sales for the first quarter of 2017 were negatively impacted by the Easter holiday being in the second quarter in 2017 versus the first quarter in 2016. The company estimates the timing of Easter affected sales by approximately 1.2 percent.

INDIANAPOLIS — Marsh Supermarkets will close all 37 of its Indiana in-store pharmacies during a three-day period beginning May 3, according to several media reports. All prescription information and inventory will be transferred to CVS Pharmacy.

Terms of the Marsh-CVS transaction were not disclosed.

WASHINGTON — Walgreens is expected to certify compliance within days, giving the Federal Trade Commission 90 days to either clear the $9.7 billion deal, or sue to block it, sources told the New York Post.

The newspaper added the certified compliance period would expire roughly the same day as the Walgreens-Rite Aid merger agreement terminates on July 31. The proposed transaction was first announced in Oct. 2015.

GOODLETTSVILLE, Tenn. — The Federal Trade Commission approved the sale of 323 Dollar Express stores to Dollar General, reported Reuters. Private equity firm Sycamore Partners II currently owns the Dollar Express stores, which it bought in 2015 when Dollar Tree was forced to sell stores in 35 states as a condition of its acquisition of Family Dollar.

VARENNES, Quebec — The Jean Coutu Group on Thursday reported revenue increases of 11.7% to $579 million for the fourth quarter ended March 4.

"Our network's retail sales have grown significantly over the last 12 months," stated François Coutu, president and CEO, The Jean Coutu Group. "In the coming year, we will continue to implement our strategic plan and make every effort to continue our growth."

HOFFMAN STATES, Ill. — Sears Holdings will close 92 “underperforming” Kmart pharmacies, as part of its corporate restructuring program, the company announced.