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API upgrades forecast

Priceline-Store-Front-2-oStrong store trading across the Priceline and Priceline Pharmacy network through January and February has led Australian Pharmaceuticals Industries (API) to upgrade its profit forecast for the six months ended February 28, 2015.

API has upgraded its forecast for net profit after tax (NPAT) for the six months ended February 28 to a minimum of $21.1 million, 30 per cent up on last year’s underlying NPAT of $16.2 million, following a lift in store growth from 2.4 per cent in January  to 3.9 per cent at the end of February .

“The increased sales from the Priceline and Priceline Pharmacy network has demonstrated that our health and beauty offers is resonating with customers despite some prevailing uncertainty with the economic conditions,” Stephen Roche, API CEO and MD, said.

“The instore service, the more prominent and targeted marketing, combined with the range and choice of products for which we are famous, is generating higher foot traffic into stores,” Roche said.

The final half year results will be released on April 23.

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