PERRY DRUG HAS MORE AUTO PARTS UNITS THAN DRUG STORES

Executive Summary

PERRY DRUG HAS MORE AUTO PARTS UNITS THAN DRUG STORES following Perry's acquisition of 46 Corvair discount auto parts stores. The acquisition of the Columbus, Ohio-based auto chain with annual sales of approximately $22 mil. will raise the number of auto stores operated by Perry to 150, compared with 143 drug stores, according to an Oct. 10 release announcing a definitive agreement between the two firms. The acquisition is the fifth by Perry in as many months, and the third purchase of an auto parts chain since June. Automotive sales are expected to account for as much as 22% of total sales for Perry in fiscal 1984, which ends Oct. 31, a company spokesman told "The Pink Sheet." Last year, net automotive sales were $40.1 mil., representing 14% of Perry's total net sales of $200.2 mil. Rx volume remains a key segment in Perry's sales mix, however. In 1983, Rx sales increased 35% to $56.4 mil., representing approximately 20% of total sales. Rx and automotive sales combined are expected to account for between 40% to 43% of total sales in fiscal 1984. According to a company spokesman, Perry's goal is for combined automotive and Rx sales to reach 50% of the chain's total sales within the next few years.