Updated at 11:00 a.m., Wednesday, August 15, 2007
Longs Drug reports quarterly profits rose to $25.7M
Advertiser Staff
Longs Drug Stores Corp. reported income from continuing operations climbed 33 percent to $25.7 million, or 67 cents a share, in the three months ended July 26. The company is the largest operator of drug stores in Hawai'i and also has locations on the West Coast.The results beat the 62-cent average profit estimate of analysts surveyed by Bloomberg L.P. The chain said revenues during the quarter rose 3 percent to $1.27 billion.
Longs has been realigning its operations by closing underperforming stores and adding RXAmerica pharmacy benefit services to its operations. During the second quarter Longs opened or bought eight stores, closed 16 and remodeled 11. The company said it plans to open or relocated about 30 to 35 stores during its fiscal 2008 year and remodel up to 46 locations.
