API sales update and management changeAustralian Pharmaceutical...

API sales update and management change
Australian Pharmaceutical Industries Limited (API) previously advised the market
that it would provide a sales update once January trading had concluded and today
reported that its restoration of the business that commenced during 2007 has
continued with further strong growth.
API’s Managing Director and Chief Executive Officer, Stephen Roche, said that for the
first five months of the financial year to the end of January, company sales of $1,312
million are in line with expectations, up 18% on the same period last year.
Sales in the Pharmacy division for the five month period to the end of January were
$1,008 million, up 23% on the same period last year. Organic growth within the
business has been pleasing and the integration of Alphapharm products has been
successfully completed.
Sales in the Retail division for the continuing business for the five month period to
the end of January were $279 million, up 7.5% on the same period last year. Sales
rebounded during the latter part of December and into January as it appeared
Christmas shopping was later than usual. Same store sales for Priceline Pharmacy for
the five month period to the end of January were 12.5% up on the prior year and
same store sales for Priceline corporate were up 5% for the same period.
“The Christmas period sales through to the end of January are important and we are
pleased we have met our targets which have us on track for the year,” Mr Roche
said.
“The integration of the Alphapharm distribution business has been a significant step step
for API, and enables us to provide our pharmacy customers a more comprehensive
offering,” he said.
“The Priceline Pharmacy store roll out continues and we have a well developed
pipeline for 2008 keeping us on target for our growth plans. In the past six months
we have grown our national presence across both Priceline brands in key categories
such as OTC healthcare, colour cosmetics and dietary supplements.”