Longs Drug Stores misses profit estimates
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Longs Drug Stores Corp. said an asset impairment charge drove fourth-quarter profit down 24% from the year-earlier period that included a gain on the sale of a distribution facility.
Net income declined to $26.9 million, or 71 cents a share, from $35.4 million, or 93 cents, last year. The latest quarter included a charge of $3.8 million related to the planned disposition of 31 stores. Revenue rose 8% to $1.34 billion.
Analysts surveyed by Thomson Financial expected earnings per share, excluding items, of 73 cents on revenue of $1.34 billion.
Shares of Longs fell 51 cents Wednesday to $46.06.
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