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Rite Aid’s monthly same-store sales decline

BY Allison Cerra

CAMP HILL, Pa. Same-store sales at Rite Aid dropped nearly 1% for the four weeks ended Sept. 25, the drug store chain said Thursday.

Rite Aid’s same-store sales declined 0.9% over the prior-year period. Front-end same-store sales for Rite Aid also fell 0.3%. Additionally, pharmacy same-store sales decreased 1.2%, as prescriptions filled at comparable stores also decreased 1.3% compared with the year-ago period. Prescription revenue accounted for 68.5% of drug store sales, and third-party prescription revenue represented 96.2% of pharmacy sales, Rite Aid said.

Additionally, the chain also disclosed that total drug store sales for the four-week period decreased 2% to $1.9 billion, compared with the same period last year.

Last week, Rite Aid reported its financial earnings for the second quarter.

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NRF responds to Chinese currency legislation

BY Alaric DeArment

WASHINGTON Another group representing retailers has joined those opposed to legislation designed to pressure China to revalue its currency.

 

Following last week’s statement of opposition by the Retail Industry Leaders Association, the National Retail Federation is urging the House to reject H.R. 2378, the Currency Reform for Fair Trade Act, a bill that would require the Department of Commerce to determine whether a country’s currency is undervalued and constitutes an illegal export subsidy when considering cases of countervailing duties. The organization said the bill may violate certain World Trade Organization policies that determine what kinds of government financial contributions can be considered prohibited export subsidies and that it could set off retaliatory measures against U.S. exports by the Chinese.

 

 

Many members of Congress lately have stepped up criticism of China’s policy of pegging its currency, the renminbi yuan, to the U.S. dollar, saying that it constitutes currency manipulation that undercuts U.S. manufacturers.

 

 

“While we agree that the Chinese currency needs to move toward a market-determined exchange rate, H.R. 2378 would be ineffective in addressing the currency issue and would create significant costs for U.S. companies and workers in retail and other industries,” NRF SVP government relations Steve Pfister said. “This bill cannot provide effective leverage over China to resolve the currency issue or have any positive impact on either the trade deficit or U.S. jobs.”

 

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Clorox gets new look

BY Allison Cerra

OAKLAND, Calif. Clorox unveiled its new corporate logo this week, marking the company’s most dramatic logo overhaul since 1957.

The nearly 100-year-old company said that the new logo reflects its focus on eco-friendly products and the strengthening of its brand portfolio.

"Our new logo better communicates what The Clorox Co. stands for today," said Clorox chairman and CEO Don Knauss. "We’ve kept visual elements that reflect our heritage, but we emphasized our forward-thinking mindset and objective to achieve strong growth, drive innovation and focus on sustainability."

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