Printer Friendly

PERRY DRUG STORES REPORTS RECORD SALES, EARNINGS FOR SECOND QUARTER; SEASONED STORE INCREASES IN DOUBLE DIGITS

 PERRY DRUG STORES REPORTS RECORD SALES, EARNINGS FOR SECOND QUARTER;
 SEASONED STORE INCREASES IN DOUBLE DIGITS
 PONTIAC, Mich., June 1 /PRNewswire/ -- Perry Drug Stores, Inc. (NYSE: PDS) today reported record sales and earnings for the second quarter ended April 30. With the second-quarter results, this is the sixth consecutive comparable quarter of net earnings improvement.
 Sales increased 8 percent in the second quarter while net earnings increased 40 percent, despite the fact that Perry operated 19 fewer stores in the quarter than in the same 1991 period.
 Sales in seasoned stores (stores open for more than a year) showed excellent double-digit increases of 14 percent for the second quarter and 12.4 percent for the first half of the fiscal year.
 Net earnings for the second quarter were $1.5 million, or 15 cents per share, up from $1.1 million, or 11 cents per share, achieved in the 1991 second quarter.
 Second-quarter net sales were $163 million compared to $150 million in the same period last year.
 Net earnings for the first six months were $4.1 million, or 40 cents per share, an increase of 60 percent over the $2.6 million, or 25 cents per share, recorded in the first six months of fiscal 1991.
 Sales for the first six months were $338 million, a 7.2-percent increase over the $316 million achieved in the same six-month period in 1991.
 Jack A. Robinson, Perry chairman of the board and president, also said that pharmacy sales, for the first time in Perry's history, accounted for more than 50 percent of total revenues in the second quarter. These sales were up 23 percent over the same quarter a year ago. Pharmacy sales for the first six months increased 20 percent over the first six months of 1991.
 Selling, general and administrative expenses continued to decrease as a percent of sales, responding to stringent cost controls. During the quarter, these expenses dropped 2 percentage points to 23.3 percent and for the six months, decreased 1.2 percentage points to 23.1 percent.
 Interest expense for the second quarter decreased from $3.1 million to $2.7 million in the same 1991 period, reflecting reduced borrowings of $7 million and lower interest rates. For the six months, interest expenditures decreased from $6.3 million to $5.5 million.
 Robinson said Perry expects interest expense to decrease even further as a result of the completion, in May, of the company's public offering of 1.6 million shares of its common stock which raised more than $12 million. He said these proceeds were used to further reduce debt, which will save Perry an additional $500,000 in interest expense in the last half of this fiscal year.
 "Having completed our restructuring, we are pleased with our continued progress," said Robinson. "As we look toward the last half of the fiscal year, we expect that Perry will enjoy a very good year."
 Perry, a New York Stock Exchange company operating 208 drugstores in Michigan, is the state's No. 1 drugstore chain and the 14th-largest drugstore chain in the United States.
 PERRY DRUG STORES, INC.
 CONDENSED STATEMENT OF EARNINGS
 (In Thousands of Dollars)
 Three Months Ended
 April 30,
 1992 1991 Percent Change
 Net Sales $162,828 $150,286 + 8.3
 Cost of sales 120,038 107,836 +11.3
 Selling, general & admin.
 expenses 37,907 37,952 - 0.1
 Earnings from operations $4,883 $4,498 + 8.6
 Interest expense 2,689 3,108 -13.5
 Earnings before income taxes $2,194 $1,390 +57.8
 Income tax provision 645 281 +129.5
 Net earnings $1,549 $1,109 +39.7
 Net earnings per share $0.15 $0.11 +36.4
 Average primary shares 10,363 10,235 + 1.3
 Number of stores 208 227 - 8.4
 Six Months Ended
 April 30,
 1992 1991 Percent Change
 Net Sales $338,282 $315,641 + 7.2
 Cost of sales 248,617 229,306 + 8.4
 Selling, general & admin.
 expenses 78,219 76,652 + 2.0
 Earnings from operations $11,446 $9,683 +18.2
 Interest expense 5,558 6,322 -12.1
 Earnings before income taxes $5,888 $3,361 +75.2
 Income tax provision 1,790 794 +125.4
 Net earnings $4,098 $2,567 +59.6
 Net earnings per share $0.40 $0.25 +60.0
 Average primary shares 10,350 10,216 + 1.3
 Number of stores 208 227 - 8.4
 -0- 6/1/92
 /CONTACT: Jerry Stone, 313-674-7783, or Berl Falbaum, 313-674-7772, both of Perry Drug Stores, Inc./
 (PDS) CO: Perry Drug Stores, Inc. ST: Michigan IN: REA SU: ERN


JG-ML -- DE013 -- 5637 06/01/92 11:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1992
Words:777
Previous Article:MORE GEM-QUALITY DIAMONDS FOUND IN SUDBURY CONTACT SAMPLES
Next Article:FANNIE MAE DEBENTURE PRICING DATE CHANGE
Topics:


Related Articles
PERRY DRUG STORES REPORTS MAJOR TURNAROUND FOR FY-91
PERRY REPORTS 75-PERCENT INCREASE IN NET EARNINGS FOR FIRST QUARTER
PERRY'S THIRD-QUARTER EARNINGS UP 39 PERCENT; SAME STORE SALES CONTINUE DOUBLE-DIGIT INCREASES
PERRY REPORTS NET EARNINGS UP FOR FISCAL 1992
PERRY REPORTS ON SECOND QUARTER
PERRY REPORTS ON THIRD QUARTER
PERRY REPORTS YEAR END RESULTS
PERRY REPORTS IMPROVED SALES, EARNINGS FOR FIRST QUARTER ENDED JANUARY 31
PERRY REPORTS SECOND QUARTER RESULTS
PERRY REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters