API experiences growth
April 19, 2012
API has reported half year net
profit of $18.3m for the period
ending 29 February, following the
settlement of a Queensland flood
insurance claim.
The period was a productive one
for the company, with results
showing that its retail sales grew by
$10.8m (or 3.2%) to $349.6m, with
comparable store growth of 2.8%
“despite intense competition and
difficult market conditions”.
In addition API reported that its
Priceline network expanded by five
stores since the prior financial year,
to a total of 332.
The company also said that it
expects to continue the trend of
Priceline expansion, with further
growth anticipated in the second
half.
Priceline also experienced growth
in its ‘Sister Club’ loyalty rewards
program, with membership figures
rising 8.8% year-on-year to sit at 3.7
million in February.
In addition, API also reported that
Sister Club members are continuing
to typically spend 50% or more
than non Sister Club members.
Meanwhile, it was not all good
news for the company, with API
reporting that its pharmacy
distribution sales for the period
were down by 17.2% (or $249m)
compared to the same period last
year.
API has attributed this drop in
large part to Pfizer’s decision to
distribute directly.
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