Pharmacy Daily | API “tough market”

AUSTRALIAN Pharmaceutical Industries says it expects the retail market to continue to remain tough, with consumers cautious in their spending habits.

The API Annual Report for 2018, released on Fri, included an update on the company's outlook, with CEO Richard Vincent saying the company had experienced these conditions over the last two years.

"Our business is geared to this environment and we have trimmed our operating cost base to meet this challenge," he wrote.

Going forward Priceline Pharmacy remains a key focus for growth, with a major upgrade planned for the Sister Club loyalty program.

Also in the works is an investment in an inventory management system which will facilitate the trial of a "click and collect" solution during the second half of the financial year.

This system will enable customers to purchase products online and pick them up from the nearest physical store location.

Vincent said API's Consumer Brands business in New Zealand was also seeing significant growth, with expansion expected through a mix of in-house manufacturing and an expanded network of off-shore product suppliers.

API is upbeat about the prospects of its newly-acquired Clear Skincare business, and is already reaping the benefits of its common customer base with Priceline Pharmacy.