Financial News

NORTHFIELD, Ill. — Net revenues for Kraft Foods realized an 11.5% boost, the company reported in its third-quarter earnings release.

Third-quarter net revenues totaled $13.2 billion for the period ended Sept. 30. Additionally, diluted earnings per share also saw a strong gain, rising nearly 21% to 52 cents, compared with the year-ago period.

Sales of acne-fighting products have been on the rise, which comes as little surprise as manufacturers continue to develop innovative formulas and consumers strive for flawless, blemish-free skin.


According to SymphonyIRI Group, sales of acne treatments increased 2.5% during the 12 weeks ended Oct. 2 at food, drug and mass (excluding Walmart).


WOONSOCKET, R.I. — CVS Caremark on Thursday reported solid third-quarter results — 2 cents above the high end of its guidance range — driven in large part by better-than-expected performance in its pharmacy benefit management, which is in the midst of a profit-improvement plan.

DEERFIELD, Ill. — Walgreens on Thursday reported that prescriptions filled at comparable stores for the month of October increased 2.5%.

MINNEAPOLIS — Target reported October sales growth that fell short of analysts' expectations, while uncertainty remains following the recent departure of the company's CFO.

Target reported that its net retail sales for the four weeks ended Oct. 29 were $4.8 billion, an increase of 4.3% from $4.6 billion for the four weeks ended Oct. 30, 2010. On this same basis, comparable-store sales increased 3.3% in October and 4.3% in the third quarter.

ISSAQUAH, Wash. — Costco reported net sales of $7.01 billion for the four weeks ended Oct. 30, an increase of 11% from $6.3 billion during the similar four-week period last year.

Total comparable-club sales for the month were up 9%. U.S. comparable-store sales also were up 9%, while international comps rose 8%. Excluding the impact of fuel and foreign currencies total comps rose 7%, U.S. comps rose 6% and international comps rose 9%.

CINCINNATI — Procter & Gamble on Thursday announced the creation of a new partnership and joint venture with Teva Pharmaceutical Industries to be named PGT Healthcare.

“This unique and transformational partnership creates one of the broadest and deepest [over-the-counter] product portfolios and geographic footprints in the industry,” Teva president and CEO Shlomo Yanai said. “Each company’s leading brands will experience tremendous growth by combining our strengths. We will be better together.”

CINCINNATI — Procter & Gamble announced that the completion of its deal to sell the Pringles brand to Diamond Foods has been pushed back to June 2012.

The transaction, which initially was expected to close this December, was delayed "to allow Diamond Foods to complete an accounting investigation." P&G said it remains committed to the transaction and noted that the timing of the deal would not affect P&G's planned restructuring.

The deal, announced in April, is valued at $2.35 billion.