Priceline drives API recovery
Australian Pharmaceuticals Industries (API) has returned to profit amid solid sales growth from its core Priceline chain.
The company made a net profit of $21.3 million for the six months to February 28, compared to a loss of $115 million a year ago, with the result in line with the company’s guidance.
API lifted its underlying net profit 32 per cent to $16.2 million, while retail store sales growth rose 9.3 per cent, and like for like sales growth was up 3.9 per cent.
Priceline’s store numbers increased to a total of 400 compared to 373 in April 2014, and are expected to reach around 420 by the end of the financial year.
“We’ve joined an elite group of specialty retailers with more than 400 stores in Australia and there are still substantial expansion possibilities for the brand as we expect to hit out financial year target of 20 net new stores in June,” Stephen Roche, CEO and MD of API said.