Duane Reade Holdings, Inc. Reports Third Quart... ( ~ Third Quarter Adjusted FIFO EBI...)

Duane Reade Holdings, Inc. Reports Third Quarter Results

Date:11/7/2008

~ Third Quarter Adjusted FIFO EBITDA Increases 9.5% to $21.2 Million ~

~ Front-End Same-Store Sales Increases 6.0% ~

~ Pharmacy Same-Store Sales Grow by 3.7% ~

~ Gross Margin Improves to 31.3% ~

~ Net Loss of $22.3 Million Compared to $22.1 Million in the Third Quarter of 2007 ~

NEW YORK, Nov. 7 /PRNewswire/ -- Duane Reade Holdings, Inc. today reported financial results for the third quarter ended September 27, 2008.

Third Quarter Key Highlights

-- Adjusted FIFO EBITDA improved 9.5% to $21.2 million from $19.3 million

in the previous year, representing the ninth consecutive quarter of

year-over-year Adjusted FIFO EBITDA growth.

-- Front-end same-store sales increased 6.0% and pharmacy same-store sales

grew 3.7%.

-- Gross margin expanded to 31.3%, compared to 30.6% in the prior year

third quarter.

-- Third quarter net loss increased to $22.3 million from $22.1 million for

the previous year.

John A. Lederer, Chairman and Chief Executive Officer, commented, "We are pleased with our solid performance for the third quarter which reflects our ongoing efforts to refine our merchandising mix and improve the customer experience. Despite the challenging economy, we achieved yet another quarter of comparable store sales increases and margin expansion as well as our ninth consecutive quarter of year-over-year Adjusted FIFO EBITDA growth. Importantly, during the quarter we used our extensive consumer and market research as the basis for finalizing our go-forward strategy for the business. Moreover, we added two highly experienced executives to lead our merchandising and supply chain initiatives and expect to make additional key hires soon. We are delighted with these executive additions and believe that this represents an important step in our efforts to continue to drive our business forward."

Third Quarter Results

Total net
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