By Chris Burritt March 10 (Bloomberg) — Wal-Mart Stores Inc., the world’s largest retailer, returned about 300 items to U.S. stores after their removal last year hurt shopper traffic, said Bill Simon, chief operating officer of U.S. stores. Wal-Mart returned some flavors and package sizes of food products and other consumable goods, even though they didn’t sell well, Simon told analysts today at a conference sponsored by Bank of America in New York. To contact the reporter on this story: Chris Burritt in Greensboro at cburritt@bloomberg.net
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Wal-Mart Brings Back 300 Items to U.S. Stores After Losing Shopper Traffic
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By Chris Burritt Feb. 17 (Bloomberg) — Walgreen Co. , the U.S. operator of more than 7,100 drugstores, agreed to buy Duane Reade Holdings Inc. from affiliates of Oak Hill Capital Partners for $1.08 billion, including debt, to expand in metropolitan New York. The cash transaction will dilute profit in the first year after closing and add to earnings the following 12 months and thereafter, Deerfield, Illinois-based Walgreen said today in a statement. Duane Reade has 257 drugstores in the New York City area, where Walgreen operates 70 locations. Walgreen said it will decide over time how to “harmonize” the two chains. Duane Reade opened its first store on Broadway between Duane and Reade streets in lower Manhattan in 1960, and had $1.8 billion in revenue in the 12 months ended Dec. 26. Walgreen, which trails CVS Caremark Corp. by sales, will also get Duane Reade’s corporate offices and two distribution centers. The transaction should close by Aug. 31, Walgreen said. Walgreen fell 48 cents, or 1.4 percent, to $33.60 at 7:50 a.m., before the start of New York Stock Exchange composite trading . The shares rose 49 percent last year. To contact the reporter on this story: Chris Burritt in Greensboro, North Carolina, at cburritt@bloomberg.net
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Walgreen to Acquire New York’s Duane Reade From Oak Hill for $1.08 Billion
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