First Quarter highlights: •Total revenues decreased 2% to $581.8 million. Comparable company sales decreased 8% following a decrease of 2% in the first quarter last year. •J.Crew sales decreased 5% to $508.7 million. J.Crew comparable sales decreased 10% following a decrease of 3% in the first quarter last year. •Madewell sales increased 33% to $61.9 million. Madewell comparable sales increased 12% following an increase of 13% in the first quarter last year. •Gross margin was 37.2% compared to 38.6% in the first quarter last year.
Rite Aid Corporation (NYSE: RAD) today announced that it has mutually agreed with Albertsons Companies Inc. (“Albertsons”) to terminate their previously announced merger agreement.
“While we believed in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said Rite Aid Chairman and Chief Executive Officer John Standley. “We remain focused on leveraging our network of conveniently located retail pharmacies, our EnvisionRxOptions PBM and our trusted brand of health and wellness offerings. We will continue building momentum for key areas of our business like our innovative Wellness store format, highly successful customer loyalty program and expanded pharmacy service offerings, as we also enhance our omni-channel and own brand offerings to strengthen our competitive position and create long-term value for stockholders.”
As a result, the special meeting of Rite Aid’s stockholders, which was to be held on August 9, 2018, will not take place.
Under the terms of the merger agreement, neither Rite Aid nor Albertsons will be responsible for any payments to the other party as a result of the termination of the merger agreement.