Financial News

IRVINGTON, N.Y. — Prestige Brands closed out its fiscal 2012 ended March 31 on a high note with $441.1 million in revenues for the year, up 31.1%. And fiscal 2013 is looking promising as the company will have full-year contributions from its 17 acquired over-the-counter brands from GlaxoSmithKline.

IRVINGTON, N.Y. — Prestige Brands on Thursday morning announced the launch of Dramamine for Kids, noting that 34% of households (with children between the ages of 2 years and 12 years) have a child with motion sickness. According to the company, it is estimated that one-third of moms currently are using a Dramamine adult formula but would prefer a pediatric product.

Marshal Cohen, chief industry analyst at the NPD Group said that back-to-college has become a big opportunity for retailers, and everybody wants part of the business. Last year, families spent an average of $800 on back-to-college products.


In contrast to the most recent cough-cold season, which was characterized by a relative lack of upper respiratory illnesses, pharmacy shoppers with itchy eyes, runny noses and audible sneezes have been back in force this spring in search of allergy relief. And those patients are gravitating toward the OTC aisle for their seasonal allergy needs now that the last of the second-generation antihistamines was made available without a prescription a year ago. 


MINNEAPOLIS — First-quarter earnings at Target exceeded a profit forecast the company increased last month after a strong start to the quarter.

Sales increased 6.1% to $16.5 billion and same-store sales advanced 5.3%. The sales momentum, combined with rigid expense control, enabled the company to report first-quarter earnings per share of $1.04, which exceeded a guidance range that had been increased to 96 cents to $1.02 from 88 cents to 98 cents in early April, following better-than-expected same-store sales during the first two months of the quarter.

DUBLIN, Ohio — Cardinal Health has acquired regional wholesaler Dik Drug for an undisclosed price, according to published reports.

Dik Drug was founded in 1914 as a small repackaging distributorship that serviced the Chicago area. According to the company's website, Dik Drug warehouses more than 20,000 products.

WASHINGTON — U.S. retail sales slowed during the month of April, the Census Bureau reported Tuesday.

U.S. retail and food services sales for the month, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $408 billion, an increase of 0.1% from the previous month and 6.4% above the year-ago period. Retail trade sales were up 0.1% from last month and 6.1% above last year.

JERUSALEM — Net revenues for Teva rose more than 24% for the first quarter ended March 31, thanks to new drug launches and the company's acquisition of drug maker Cephalon.

First-quarter net revenues totaled $5.1 billion, compared with $4.1 billion in the year-ago period, while net income and earnings per share totaled $1.3 billion and $1.47 diluted earnings per share, an increase of 39% and 41%, respectively, compared with first quarter 2011.