Financial News

The wholesale club retailer reached 6.5 million members in the first quarter, and membership fee income increased by 11.9% to $96.6 million year-over-year.

Target had lower-than-expected sales in discretionary categories, as well as costs related to freight, supply chain disruptions, and increased compensation and headcount in its distribution centers.

The company reported group net sales increased 8.3% and net sales were up 3.6% as food-at-home consumption remained resilient.

Fourth-quarter sales and other revenue reached $17.4 billion during the 12 weeks ended Feb. 26, due to an increase in identical sales and higher fuel sales, with retail price inflation contributing to the identical sales increase.

The company reported strong execution in its business segments led by COVID-19 vaccinations and testing.

Despite reporting a fourth quarter same-store sales decrease of 1.4%, the retailer plans to execute 2,980 real estate projects in the fiscal year 2022.

Shoppers Drug Mart has agreed to acquire Lifemark Health Group for an aggregate cash consideration of $845 million.

Moving forward Akorn said it will invest in its facilities and targeted avenues of growth, such as its human generics and animal care businesses.