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Duane Reade Q3

This article was originally published in The Rose Sheet

Executive Summary

Sales for the third quarter were up 8.2% to $338.6 mil., approximately $11.4 mil. below the company's previous expectations due to economic weakness and slowing growth rate of the prescription sector, retailer announces Oct. 6. The announcement was made ahead of an Oct. 23 Q3 earnings call. Northeast power outage in August resulted in a sales loss of about $3.3 mil., the firm notes. Same store sales for the period improved 3%, with pharmacy same store sales increasing 8.6% and front-end same store sales declining 1.1%. Sales performance during Q3 combined with economic impact have lowered net income to about $.08-$.09 per diluted share versus original expectations of $.15-$.20 per diluted share, retailer adds. Annual sales are now expected to be about $1.39 bil., while diluted EPS will be between $.55-$.61...

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