Financial News

MATTHEWS, N.C. — Profit grew by nearly 10% to $123.2 million and sales advanced 8.3% to nearly $2.3 billion as Family Dollar remained on a consistent growth trajectory during its second quarter, ended Feb. 27.

Earnings per share for the period increased 21% to 98 cents, compared with 81 cents in the prior-year's second quarter.

STEVENSON, Md. — The law firm of Brower Piven on Tuesday announced that a class action lawsuit has commenced in the Delaware Chancery Court on behalf of all shareholders of Drugstore.com, alleging violations of state law by the company’s board of directors relating to the proposed acquisition by Walgreens.

The complaint alleged that Drugstore.com's board of directors breached their fiduciary duties by failing to maximize shareholder value, among other things.

LONDON — Any manufacturer that has the necessary resources and still is hesitating about whether to tap into biosimilars might want to go ahead and do it, if projections by British market analysis firm Datamonitor come true.

The firm released a report Monday showing that the global biosimilars market, whose value stood at $243 million in 2010, will increase to $3.7 billion by 2015.

ROCKVILLE, Md. — Catalyst Health Solutions and Walgreens on Monday announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Catalyst’s previously announced proposed acquisition of Walgreens Health Initiatives, the pharmacy benefit management subsidiary of Walgreens.

Completion of the proposed acquisition remains subject to other closing conditions. The companies continue to expect to complete the transaction in the first half of 2011.

ASHEVILLE, N.C. — The board of directors at regional supermarket chain Ingles Markets declared a cash dividend of 16.5 cents per share of Class A common stock and 15 cents per share on all its Class B common stock.

This is an annual rate of 66 cents and 60 cents per share, respectively. Dividends on both the Class A and Class B common stock are payable April 21, to all shareholders of record on April 7.

WASHINGTON, D.C. — A report released Monday by the Commerce Department showed that consumer spending in the United States rose more than forecasted in February as incomes climbed.

Bloomberg News estimated spending would advance 0.5%.

Purchases increased 0.7% — the most since October 2010 — after advancing 0.3% the prior month. Incomes increased 0.3%, less than the 0.4% projected.

BOSTON — Boston Medical Center announced that it has received a $50,000 grant for the Autism Clinic from CVS Caremark Charitable Trust, the private foundation created by CVS Caremark.

BMC is one of 72 organizations selected from a pool of 660 applicants to receive an individual or multiyear grant for 2010. The grant will allow the Autism Clinic to develop a written behavioral curriculum for hands-on training for parents with low income and/or limited-English proficiency.

MEMPHIS — Net income for Fred's jumped 49% during the fourth quarter to $8.6 million, or 22 cents per diluted share, compared with the year-ago period.

Despite the challenging retail climate and concerns that rising gas prices will take a toll on retailers' financial well-being, Fred's noted it will continue to forge ahead with its plans.