Longs Drug Reports Jump in Net Income
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Pharmacy operator Longs Drug Stores Corp. said first-quarter profit beat estimates on higher sales through new Medicare prescription drug plans.
The Walnut Creek, Calif.-based company posted first-quarter net income of $15.8 million, or 41 cents a share, compared with $12.8 million, or 34 cents, a year earlier. Analysts polled by Thomson Financial had forecast earnings of 35 cents a share.
Revenue rose 9.5% to $1.26 billion. Retail drugstore sales were $1.17 billion, 2.2% more than in the first quarter of 2005. Same-store sales rose 1.5%.
Shares of Longs rose 64 cents to $44.53.
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