Duane Reade revenues
This article was originally published in The Tan Sheet
Executive Summary
Same-store sales rise 3% for drugstore chain in second quarter ended Sept. 30. Overall sales of $338.6 mil. in period fall $11.4 mil. below company's previously issued expectations. Duane Reade 1cites Aug. 14 blackout for $3.3 mil. of sales loss, as well as Claritin and Prilosec Rx-to-OTC switches for slowing pharmacy growth. Firm lowers third quarter earnings expectations from 15¢ to 20¢ cents to 8¢ to 9¢ cents per share. "We are experiencing the impact of lower growth in our prescription sales resulting from pharmacy to over-the-counter conversions, reduced demand in certain areas, as well as an increase in the number of uninsured," CEO Anthony Cuti says Oct. 6...