Group wants information on Rite Aid loyalty program
The CtW Investment Group is calling on Cumberland County-based Rite Aid Corp. to disclose information about its wellness+ customer loyalty program in a letter sent to company shareholders, the group said.
The group wants the East Pennsboro Township-based drug store chain to detail how much the rewards program costs, and whether and how the costs generate returns, according to a copy of the letter.
The CtW Investment Group, with offices listed in New York and Washington, D.C., works with pension funds sponsored by affiliated unions to enhance long-term shareholder returns, according to its website.
Rite Aid has recorded five straight quarters of same-store sales growth and believes the wellness+ program is part of the improved results, according to a statement released by Susan Henderson, senior vice president and chief communications officer.
The company also strives to provide meaningful information to shareholders and regularly reviews content and practices to enhance disclosures while balancing "competitive sensitivity" of some information, according to the statement.
It will consider the points in CtW's letter in its ongoing review, Henderson wrote.