Longs reports another profitable quarter

WALNUT CREEK, Calif. Longs Drug reported an 80 percent increase in earnings of $23.5 million for its first quarter ended May 1 with revenues from its RX America PBM continuing to lead the way.

For the quarter, the 516-store chain reported an 8.5 percent increase in total revenue of $1.41 billion with retail drug sales rising 2.9 percent to $1.22 billion. Same-store sales increased 1 percent with pharmacy sales jumping 0.5 percent and front-end sales rising 1.5 percent.

By far the biggest increase was in pharmacy benefit services, which rose 67 percent to $187.3 million compared to $112 million during the same period last year. Prescription drug plan revenues generated $167 million while pharmacy benefit management revenue rose 25 percent to $20.2 million.