Longs Drug Stores Acquires Mail-Order Pharmacy
Longs Drug Stores Corp., which operates 459 stores in six states, said Monday that it has purchased closely held mail-order pharmacy American Diversified Pharmacies Inc.
Terms weren’t disclosed.
Longs, headquartered in Walnut Creek, Calif., is one of the leading drugstore chains in North America with annual sales per store of approximately $10 million. Founded in 1938, the company operates stores in California, Hawaii, Washington, Nevada, Colorado and Oregon. More than 60 stores are in Southern California.
American Diversified is based in Sacramento.
Longs had said in February that it planned to fire 170 people after fiscal fourth-quarter profit fell 71% to $6.4 million, or 17 cents a share.
On April 18, Longs said in a regulatory filing that it expects capital expenditures of $100 million to $110 million for the year ending Jan. 29.
A week earlier, the company announced that preliminary results show that same-store sales in March fell 3% from a year ago, hurt by a shift in this year’s Easter holiday to April.
Longs shares rose 31 cents to $15.70 on the New York Stock Exchange. They had declined 24% this year.
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