Drugstore.com reports highest net revenues in co. history

Bellevue, Wash. Drugstore.com reported net income of $1.3 million for its fiscal first quarter ended March 29, compared with a net loss of $2.7 million for the same period a year ago.

Drugstore.com’s income includes a $1.0 million in non-cash stock-based compensation expense, and a $1.2 million benefit from the resolution reached on April 27, between the company and the State of New Jersey, regarding sales and use taxes owed by the company for the period Jan. 1, 2000 through Feb. 22, 2008.

The online retailer of health, beauty and pharmacy merchandise also reported quarterly sales of $98.3 million. Total orders grew by 10.6% to 1.5 million, and the company managed to decrease capital expenditures by 67%, to $1.7 million.

"During the quarter, we experienced strong repeat orders, predominantly of beauty and everyday replenishment items, and drove new customer growth of 15% year-over-year,” said Dawn Lepore, the company’s CEO and chairman of the board.

For second quarter 2009, the company expects net sales in the range of $93.0 million to $97.0 million, and net income could range between $250,000 and a net loss of $1.75 million, according to a company statement.