Longs Drug Stores posts 6.8 percent year-on-year increase for 2Q

WALNUT CREEK, Calif. Longs Drug Stores today reported preliminary income for the second quarter ended July 31, 2008, of $27.5 million, or $0.76 per diluted share, a 6.8 percent increase compared with the quarter ended July 26, 2007, of $25.7 million, or $0.67 per diluted share.

Total revenues of $1.33 billion for the 13 weeks ended July 31, 2008, were 4.6 percent higher than the $1.27 billion reported for the 13 weeks ended July 26, 2007.

Retail drug store sales increased 0.5 percent to $1.20 billion for the 13 weeks ended July 31, 2008. Same-store sales decreased 1.1 percent with pharmacy same-store sales decreasing 0.6 percent and front-end same-store sales decreasing 1.6 percent. Pharmacy sales were 51.6 percent of retail drug store sales during the period, compared with 51.3 percent a year ago.

Pharmacy benefit services revenues increased 66.3 percent to $131.3 million from $79.0 million in the comparable period last year. Prescription drug plan revenues were $110.9 million compared with $65.7 million last year and pharmacy benefit management revenues were $20.4 million compared with $13.3 million a year ago.

Total revenues of $2.74 billion for the 26 weeks ended July 31, 2008 were 6.5 percent higher than the $2.57 billion reported for the 26 weeks ended July 26, 2007.

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