Longs income jumps 45 percent in third quarter

WALNUT CREEK, Calif. Longs Drug reported a 45 percent increase in income of $19.3 million for its third quarter and a 3.3 percent increase in total revenue of $1.24 billion. Same store sales jumped 1.4 percent during for the quarter that ended Oct. 25, with pharmacy sales increasing 2 percent and front-end sales edging up 0.8 percent.

Longs also pushed its store count back over the 500 mark with 13 new openings and remodeled 25 stores. Pharmacy benefit services generated $79.7 million, a 6.3 percent increase over the same quarter last year. “We’re improving the profitability of our retail segment and better aligning our stores with our longer term goals while we continue to pursue new business opportunities at RX America,” said Longs chief executive officer Warren Bryant.

Longs also encountered new competition in Hawaii when Walgreen’s opened its first store there on Nov. 1. Longs executives have declined to comment on Walgreen’s debut in the market.

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