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

ber of strategic cost savings initiatives to improve efficiency and eliminate non-value added activities. The total cost savings associated with the program is expected to be in the range of $7.0 to $10.0 million in 2009.

In light of current economic conditions and the anticipated impact of the Company's cost savings program, the Company's current expectations for the full year 2009 are as follows:

  • Adjusted FIFO EBITDA in the range of $93.0 million to $98.0 million, representing an increase of 2.8% to 8.3% over the 2008 Adjusted FIFO EBITDA, excluding the litigation settlement charge
  • Net loss in the range of $47.0 to $52.0 million
  • Net retail sales, excluding pharmacy resale activity, in the range of $1.795 billion to $1.830 billion
  • Same-store sales growth in the range of 1.0% to 2.6% with front-end same-store sales growth ranging from flat to 2.0% and pharmacy same-store sales growth in the range of 2.0% to 3.5%
  • A total of 10 to 12 expected new store openings

Mr. Lederer concluded, "We are encouraged by our solid performance in 2008 despite increasingly difficult economic conditions during the latter months of the year. Due to these conditions, we are taking steps to reduce our cost structure in 2009 and will continue to assess the impact of macro factors on our business. That said, we remain cautiously optimistic in our outlook for 2009 as we strive to elevate our offering and act on the opportunities to strengthen and improve our business. Moreover, we remain confident in our ability to create value for our customers and all of our stakeholders over the long-term, as we continue the transformation of our Company in a prudent and methodical manner."

Conference Call Information

The Company will hold a conference call on March 10, 2009 at 10:00 a.m. Eastern T
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SOURCE Duane Reade Holdings, Inc.
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