FINANCE

Rite Aid Corp. reported disappointing first-quarter earnings and sales results in its first quarter amid pressure on pharmacy reimbursement rates.   The chain reported a loss of $4.6 million for the quarter ended May 28, after reporting a profit in the same period a year earlier. Excluding certain items, adjusted net income was $14.5 million, or 1 cent per diluted share, compared with 2 cents a year earlier.   The results fell short of Wall Street expectations.   

The Kroger Co. topped Wall Street expectations with more than one result in the first quarter of fiscal 2016.

Father’s Day is Sunday, June 18, and retailers and dads alike will have reason to smile, according to the International Council of Shopping Centers (ICSC).    American adults who plan to consume this holiday will do so in a big way, spending an average of $169.60 at predominantly at physical retailers, according to ICSC’s most recent consumer survey.    Here are eight specific findings:  

The second quarter of fiscal 2016 is not yet over for home furnishings retailer Havertys, but shareholders may have reason to be optimistic.   Havertys reported that sales for the quarter to date are up approximately 3.6% from the same period last year and comparable store sales are up 3.2%. Total written sales for the quarter to date are up approximately 7%, and written comparable store sales rose 6.7%.   

The nation’s highest-profile electric car-marker is taking an unusual route to get its product out in front of potential customers.

Brookshire Grocery Co. is expanding with a new neighborhood format.    The Tyler, Texas-based supermarket operator will open 26 locations this summer under its new Spring Market banner. The stores will be on the sites of former Walmart Express stores that Brookshire is in the process of acquiring. (The acquisition is scheduled to close in July.) The locations range from southern Louisiana to west Texas.  

Bed Bath & Beyond made another move to boost its online offerings by acquiring a home furnishings and home décor flash-sales site.

Draw Another Circle, the parent company of Texas-based Hastings Entertainment, has filed for Chapter 11 bankruptcy protection, with hopes of finding a buyer for its Hastings superstores.