Duane Reade Q4 net sales up 7.6%

Drugstore chain Duane Reade Holdings has reported total net sales of $464.5m in the fourth quarter of 2008, an increase of 7.6%, compared to $431.6m in the fourth quarter of 2007.

In the fourth quarter of 2008, the company has reported a net loss of $17.4m, compared to $15.1m in the fourth quarter of 2007. Net retail store sales, which exclude pharmacy resale activity, increased 3.4% to $428.6m from $414.6m in the fourth quarter of 2007.

For the full year 2008, total net sales were $1.77 billion, reflecting an increase of 5.2%, compared to $1.69 billion in 2007. Net loss for the full year 2008 improved to $72.8m, compared to $87.8m in 2007.

John Lederer, chairman and CEO of Duane Reade, said: We are pleased with our results for the fourth quarter and full year, as we continued to show growth in a number of our key metrics despite the significant challenges posed by the external environment.

During 2008 we began implementing the components of our transformational strategy and made significant progress on a number of important fronts, including strengthening our management team, improved merchandising, and executed new store concepts and designs in several of our locations.