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Duane Reade Holdings, Inc. Reports First Quarter 2009 Results
Date:5/5/2009

- Adjusted FIFO EBITDA Increased 7.8% to $19.7 Million -

- Same-Store Sales Increased 1.1% -

- Net Cash Provided By Operating Activities Improved to $4.3 Million -

- Net Loss Improved 18.0% to $17.2 Million -

NEW YORK, May 5 /PRNewswire/ -- Duane Reade Holdings, Inc. today reported financial results for the first quarter ended March 28, 2009.

Key Highlights

  • Adjusted FIFO EBITDA increased 7.8% to $19.7 million from $18.2 million in the prior year first quarter.
  • Total same-store sales increased 1.1% with a front-end same-store sales decrease of 0.8% and a pharmacy same-store sales increase of 3.5%.
  • Gross margin on net retail sales expanded to 32.2% compared to 32.0% in the prior year first quarter.
  • Operating loss was $4.4 million, compared to an operating loss of $4.1 million for the prior year period.
  • Net loss improved 18.0% to $17.2 million from $21.0 million.
  • Net cash provided by operating activities improved to $4.3 million compared to net cash used in operating activities of $0.1 million in the prior year period.

John A. Lederer, Chairman and Chief Executive Officer, commented, "We are pleased that we continued to demonstrate growth in our business for the first quarter despite ongoing external challenges and weak consumer demand. Importantly, we showed a solid 7.8% increase in Adjusted FIFO EBITDA as well as expansion in gross margin on our net retail sales. We believe that this continued positive momentum is largely the result of our ongoing efforts to transform our business in order to better serve New Yorkers. In doing so, we are committed to providing our customers with a continuously improving shopping experience that includes a refined merchandise mix and a shopping environment best sui
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SOURCE Duane Reade Holdings, Inc.
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