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Longs Drug Stores same-store sales dip in August



By AP
04 September 2008 @ 07:42 pm ET

WALNUT CREEK, Calif. - Longs Drug Stores Corp. said Thursday that its sales at comparable stores dipped in August.

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LDG 71.51 0

For the four weeks ended Aug. 28, same-store sales decreased 1.4 percent. Same-store sales are a key indicator of a retailer's financial health.

Longs estimated that the preliminary August pharmacy same-store sales were hurt by recent generic introductions being substituted for higher-priced brand name drugs, as well as some drugs becoming available over-the-counter.

Last month, CVS Caremark Corp. offered $2.7 billion to buy Longs.

Longs' shares rose 10 cents Thursday, closing at $71.75.

Copyright 2009 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

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