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The Honolulu Advertiser
Updated at 2:09 p.m., Thursday, February 7, 2008

Longs Drugs Jan. sales up 1 percent nationwide

Advertiser Staff

Longs Drug Stores Corp. said that early results indicate that its January same-store sales rose 1 percent, helped by increases in both pharmacy and nonpharmacy sales.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance because it measures growth at existing stores rather than newly opened ones.

Same-store pharmacy sales rose 1.2 percent, while same-store front-end sales rose 0.7 percent.

Longs, which operates Hawai'i's largest chain of drug stores, said its total retail sales from continuing operations rose 29 percent to $452 million.

The company is closing 23 stores in Colorado, Oregon and Washington that are classified as discontinued operations.

Shares closed up $1.88 cents at $47 on the New York Stock Exchange.