Priceline brand impacted by poor consumer sentiment.
Australian Pharmaceutical Industries has just released its results for the six months to 28 February 2018, with revenue flat at just over $2 billiion and net profit after tax declining 14.4% to $24.9 million.
The company said suppressed retail conditions had affected the Priceline/Priceline Pharmacy brand throughout the period, with register sales down 1.7% on a comparable store basis. “The retail environment continues to be challenging and this result is in line with expectations expressed at the AGM in January,” the company said.
API noted that due to the strong Priceline brand position demand for new stores from potential pharmacist franchise partners remains positive, with Priceline Pharmacy network numbers increasing to 466 at the end of February.
Pharmacy Distribution revenue was flat compared to the prior period, and was influenced by a reduction in demand for high cost Hepatitis C medicines.
The company announced a 3.5c per share interim dividend.
More details in today’s issue of Pharmacy Daily.