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

  • Adjusted FIFO EBITDA, excluding the litigation settlement charge, increased 15.0% to $90.5 million from $78.7 million in the previous year
  • Total same-store sales increased 4.2% with a front-end same-store sales increase of 5.0% and pharmacy same-store sales growth of 3.1%
  • Gross margin improved to 30.8% from 30.3% in the prior year
  • Excluding the litigation settlement charge, selling, general and administrative expenses as a percentage of sales increased to 26.7% from 26.5% in the prior year
  • Operating loss, excluding the litigation settlement charge, improved to $12.3 million compared to $24.6 million in the prior year
  • Net loss improved to $72.8 million compared to $87.8 million in the previous year
  • Net cash provided by operating activities increased to $44.3 million from $19.3 million in the prior year
  • John A. Lederer, Chairman and Chief Executive Officer, commented, "We are pleased with our results for the fourth quarter and full year, as we continued to show growth in a number of our key metrics despite the significant challenges posed by the external environment. We achieved our annual Adjusted FIFO EBITDA guidance, excluding the litigation settlement charge, with strong sales and margin performance. During 2008 we began implementing the components of our transformational strategy and made significant progress on a number of important fronts, including strengthening our management team, improved merchandising, and executed new store concepts and designs in several of our locations."

    Fourth Quarter Results

    Total net sales increased 7.6% to $464.5 million from $431.6 million in the fourth quarter of 2007. Net retail store sales, which exclude pharmacy resale activity, increased 3.4% to $428.6 million from $414.6 million in the fourth quarter of 2007. Total same-store sales
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    SOURCE Duane Reade Holdings, Inc.
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