Updated at 5:29 p.m., Wednesday, November 15, 2006
Longs Drug Stores profit jumps 42%
Advertiser Staff
Longs Drug Stores Corp., the biggest operator of drug stores in Hawai'i, reported third-quarter net income surged 42 percent to $12.7 million because of new prescription drug plans and programs to improve profitability.The Walnut Creek, Calif.-based company reported revenue in the three months ended Oct. 26 rose 9.7 percent to $1.23 billion. Sales at stores open at least a year rose 1.8 percent.
Longs said it plans to open or move 20 to 25 stores and remodel 40 during its next fiscal year. It also disclosed the repurchase of 300,000 of its shares for $13.6 million during the quarter.
