South African drugstore Dis-Chem benefits from medicine price hike [Reuters]
CLICKS GROUP LTD S/ADR (CLCGY)
NASDAQ:AMEX Investor Relations:
clicksgroup.co.za/investor-relations/ir-sens.html
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Source: Reuters
South African drugstore Dis-Chem benefits from medicine price hike - Reuters 3 Min Read JOHANNESBURG, Aug 28 (Reuters) - South African drugstore chain Dis-Chem Pharmacies Ltd said on Wednesday that its revenues rose 13.5% in the five months through July, thanks to an increase in medicine prices and a jump in wholesale revenues. Dis-Chem, which competes with Clicks Group, said revenue from March 1 to July 31 rose to 9.9 billion rand ($650 million). Retail sales rose by 12% to 9 billion rand, with comparable sales growth of 5.3%, helped by a 3.78% increase in medicine prices which came into effect in March. The company had been hit by prolonged strike action from November last year to March this year over workers’ wage demands, which led it to miss earnings expectations for its full fiscal year that ended in February. On Wednesday it flagged one-off costs such as a change in the firm’s bonus policy, strike-related costs and an unearned rebate, which will negatively impact the first-half
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