Longs Says It Will Miss Forecasts
Bloomberg News
EARNINGS
*
Longs Drug Stores Corp. said net income this fiscal quarter would rise less than expected and may drop next quarter because of slowing sales.
Income in its third quarter ending Oct. 31 will be 7 cents to 11 cents a share, compared with 7 cents in the year-earlier period, Longs said. The Walnut Creek, Calif.-based company had forecast a profit of as much as 16 cents a share.
Shoppers bought fewer over-the-counter drugs, greeting cards and cosmetics last month, leading Longs to reduce its fourth-quarter forecast to 51 cents to 56 cents, compared with last year’s 57 cents.
Longs fell $1.44, or 6.4%, to $20.95 on the NYSE.
