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The Honolulu Advertiser
Updated at 2:18 p.m., Thursday, March 6, 2008

Longs Drugs stock tumbles to 52-week low

Associated Press

NEW YORK — Shares of Longs Drug Stores Corp. hit a fresh 52-week low today, after the drug store operator offered weak 2008 guidance amid a difficult economic environment.

Late yesterday, the company reported fourth-quarter profit rose 38 percent, to 97 cents per share, excluding items, matching estimates of analysts polled by Thomson Financial. Revenue grew 11 percent.

However, the company said it expects fiscal 2009 -- which ends Jan. 29, 2009 -- profit to be between $3.02 to $3.12 per share, while analysts expect a higher profit of $3.14 per share.

"The economy remains uncertain and we are anticipating difficult sales environment in the short term," said company Chief Executive Warren Bryant in during a conference call. "This is not unique to California, and appears to be a common theme throughout the U.S."

Shares of Longs, which operates Hawai'i's largest chain of drug stores, tumbled $6.81, or 14.2 percent, to close at $41 today, after reaching a fresh low of $40.07 earlier in the session.