Longs Drug Stores (LDG) Reports August Revenues and Same-Store Sales
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Longs Drug Stores Corporation (NYSE: LDG) reported preliminary total retail drug store sales for the 4-week and 30-week periods ended August 28, 2008.
Period ended August 28, 2008 for 4 weeks:
Revenues were $364 million, or 0.9% increase from comparable prior year period
Same-store sales increase (decrease):
Pharmacy (1.3)%, Front-end (1.4)%, and Total (1.4)%
Longs estimated that preliminary August pharmacy same-store sales were unfavorably impacted by approximately 275 to 300 basis points as a result of recent generic introductions being substituted for higher-priced brand name drugs. In addition, a reduction in cold, flu, and allergy prescriptions, primarily due to the impact of the switch of the prescription allergy medicine Zyrtec to over-the-counter status, had an unfavorable impact of approximately 125 to 150 basis points on pharmacy same-store sales.[SM]
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