Longs reports 1Q earnings gain

WALNUT CREEK, Calif. Longs Drug Stores has reported preliminary income from continuing operations for the first quarter ended May 1 of $23.1 million, or 63 cents per diluted share. Income from continuing operations for the first quarter ended April 26, 2007 was $16 million, or 42 cents per diluted share, including net charges of $5.5 million after-tax, or 14 cents per diluted share, for the disposition of stores.

Commenting on the quarter, chairman, president and ceo Warren Bryant said, "We are pleased with our increase in earnings. We have continued our focus on executing our strategic initiatives, all of which are designed to improve our operating performance and our competitive position.

Retail drug store sales increased 2.9% to $1.22 billion from $1.19 billion in the comparable period last year. Same-store sales increased 1% with pharmacy same-store sales increasing 0.5% and front-end same-store sales increasing 1.5%. Pharmacy sales were 52.4% of retail drug store sales during the period, consistent with the comparable period last year.