Longs Drug Profit Falls; 170 Jobs to Be Trimmed
From Bloomberg News
Longs Drug Stores Corp.’s fiscal fourth-quarter earnings fell 71%, and the company plans to fire 170 people.
Most of the layoffs will be in California, Longs said. The company plans to improve some stores that aren’t as profitable as it expects them to be and will close those that don’t improve. It’s also shedding a pharmacy-information system it said was too difficult to use.
Net income fell to $6.4 million, or 17 cents a share, from $21.8 million, or 58 cents, in the same period a year earlier. Sales fell 3.5% to $1.7 billion.
Longs Drugs shares fell 4 cents to $15.51 on the NYSE.
