Longs Drug 4Q profit falls 24 percent |
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Wed, 28 Feb 2007 23:23
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WALNUT CREEK, Calif. (AP) - Drugstore operator Longs Drug Stores Corp. said Wednesday an asset impairment charge drove fourth-quarter profit down 24 percent from a year-ago period that included a gain on the sale of a distribution facility.Net income declined to $26.9 million, or 71 cents per share, from $35.4 million, or 93 cents per share, in the year-ago period. The latest quarter included a charge of $3.8 million related to the planned disposition of 31 stores, and the year-ago quarter included a gain of $6.6 million on the sale of its Lathrop distribution facility.Revenue rose 8 percent to $1.34 billion from $1.24 billion last year. Retail drug store sales grew 3.9 percent and same-store sales increased 2.1 percent. Pharmacy same-store sales rose 3.7 percent and front-end same-store sales increased 0.8 percent compared with the year-ago period.Analysts surveyed by Thomson Financial expected earnings per share, excluding items, of 73 cents on revenue of $1.34 billion.For the full year, the company posted net income of $74.5 million, or $1.95 per share, up slightly from $73.9 million, or $1.93 per share, in 2005. Revenue rose to $5.1 billion from $4.67 billion.Longs Drug shares fell 51 cents to close at $46.06 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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