All of the stores, which average 1,100 sf, are in Southern California. Longs will continue to run them under the Network Pharmaceuticals name. They will join the 65 Longs Drug locations throughout the Los Angeles area.
Longs now operates 498 stores on the West Coast and in Hawaii. The deal with Network Pharmaceuticals was first announced in April.
Longs management plans to open 20 to 25 new stores this year and remodel about 40 units. Capital expenditures for the year are expected to come in between $200 million and $220 million.
During its most recently reported quarter, which ended April 27, Longs' same-store sales inched up 1.5% year over year, with pharmacy sales rising 5% and front-end results falling 1.8%. Total revenues rose 9.5%, to just under $1.3 billion; net income was up 23%, reaching $15.8 million.
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