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Duane Reade Holdings, Inc. Reports Fourth Quarter and Full Year 2008 Results
Date:3/10/2009

~ Fourth Quarter Adjusted FIFO EBITDA Increases 4.3% to $26.1 Million, Excluding a Previously Announced $3.5 Million Litigation Settlement Charge ~

~ Full Year Adjusted FIFO EBITDA Increases 15% to $90.5 Million, Excluding $3.5 Million Settlement Charge ~

~ Full Year Net Cash Provided by Operating Activities Increases 130% to $44.3 Million ~

~ Fourth Quarter Net Loss of $17.4 Million and Full Year Net Loss of $72.8 Million ~

NEW YORK, March 10 /PRNewswire/ -- Duane Reade Holdings, Inc. today reported financial results for the fourth quarter and year ended December 27, 2008.

Fourth Quarter Key Highlights

  • Adjusted FIFO EBITDA, excluding the $3.5 million litigation settlement charge, increased 4.3% to $26.1 million from $25.0 million in the fourth quarter of 2007
  • Total same-store sales increased 2.4% with a front-end same-store sales increase of 1.5% and a pharmacy same-store sales increase of 3.6%
  • Gross margin was 30.1% and was negatively impacted by a $1.8 million increase in the LIFO charge during the fourth quarter of 2008. FIFO gross margin as a percentage of retail sales increased 115 basis points to 33.0% in the fourth quarter of 2008
  • Excluding the litigation settlement charge, selling, general and administrative expenses as a percentage of sales increased to 25.6% from 25.4% in the prior year period
  • Operating loss, excluding the litigation settlement charge, was $0.1 million compared to operating income of $1.2 million in the prior year period
  • Net loss was $17.4 million compared to $15.1 million in the previous year
  • Net cash provided by operating activities improved to $23.6 million compared to $23.1 million in the prior year

Full Year Key Highlights


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SOURCE Duane Reade Holdings, Inc.
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