Longs Profit Falls but Beats Forecast
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Longs Drug Stores Corp. reported a 5% decline in fiscal fourth- quarter earnings to $11 million, or 29 cents a share, a penny better than analysts expected.
The drugstore operator said sales grew 5.6% to $1.09 billion, with sales at stores open at least a year up 4.3%. Same-store pharmacy sales grew 8.5%, while front-end store sales rose 1%, reversing a one-year negative trend.
Longs said that, including the effect of an accounting change related to the value of acquisitions, it had a loss of $13.7 million, or 36 cents a share, contrasted with net income of $11.6 million, or 31 cents, a year earlier.
Shares of Walnut Creek-based Longs closed up 9 cents at $32.09 on the New York Stock Exchange.
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