Finance & Capital Management

Camp Hill, Penn. – Rite Aid Corp. beat Wall Street expectations with net income of $104.8 million in the third quarter of fiscal 2015, a 46% increase from $71.5 million the same period a year earlier. The improvement in net income resulted primarily from an increase in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and a lower last out, first in (LIFO) charge, partially offset by a higher loss on debt retirement.  

St. Pau, Minnesota - Paster Properties and Bader Development announced that the City of Minnetonka City Council has approved the development of a six-story, 155,000-sq.-ft., mixed-use development at 1730 Plymouth Road, Minnetonka, Minnesota.   

Canton, Mass. - Dunkin' Brands Group Inc., the parent company of Dunkin' Donuts and Baskin-Robbins, plans to add between 410 and 440 net new U.S. Dunkin’ Donuts restaurants five to 10 net new Baskin-Robbins U.S. restaurants in 2015. Globally, the company expects to open between 615 and 750 net new units in the coming year.  

Rite Aid is raising its guidance for 2015 after a big jump in same store sales lifted the company in the third quarter.

The company reported third-quarter revenues of $6.7 billion, an increase of 5.3%, driven primarily by same-store sales. Same-store sales for the quarter ended Nov. 29 were up 5.4% overall, including a 1.6% lift in front-end same store sales and a 7.2% increase in pharmacy same store sales.

MINNEAPOLIS — Target chairman and CEO Brian Cornell, who took the helm earlier this year, is making a string of executive changes to help fuel the retailer's digital transformation and enhance the guest experience.  

Cary, N.C. – Canadian convenience store conglomerate Alimentation Couche-Tard Inc., which operates stores under the Circle K banner in the U.S., has agreed to purchase The Pantry Inc., operator of the Kangaroo Express convenience/fuel chain, for $1.7 billion. Purchase price includes $861 million in cash and about $840 million in assumed debt.  

Kraft Foods Group Inc. says that CEO Tony Vernon plans to retire later this month, and the company has named Chairman John Cahill as his successor.

Vernon will retire on Dec. 27, the last day of the company's fiscal year. He will stay on as a senior adviser through March 31 and as a director until the company's next annual meeting in 2015.

Dov Charney, the controversial founder of American Apparel, has been fired "for cause" as CEO, the company said.

Charney was suspended as president and CEO of the hipster apparel chain in June for alleged misconduct and violations of company policy. The decision was made by the board’s “suitability committee,” which was formed to oversee an internal investigation in the wake of Charney's suspension.