News: Aus Pharma lifts profit guidance

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The Australian Pharmaceuticals Industry (ASX:API) has lifted its profit expectations for the financial year ending 31st August 2014, to more than $31 million, up from prior estimates of $28 to $30 million.

 

The body is basing the revision on the solid performance of its Priceline and Priceline Pharmacy stores, as well as Pharmacy Distribution.

 

API says its retailers’ six per cent rise in comparable store sales is down to a core focus on customers, in the face of challenges from the sector.

 

The yet to be finalised result shows is up close to 32 percent on the previous year. 

 

Priceline has grown by 27 stores in that time, with a network now of 390 locations.

 

For the first half of the financial year ended February 2014, API reported a net loss of $115 million.