Priceline operator to expand
Pharmacies operator and health and beauty products retailer Australian Pharmaceutical Industries is looking for acquisitions to boost its retail operations.
PHARMACIES operator and health and beauty products retailer Australian Pharmaceutical Industries is looking for acquisitions to boost its retail operations and says it will continue to open more stores despite challenging consumer sentiment.
API operates Priceline health and beauty stores, and supplies Priceline, Soul Pattinson and Pharmacist Advice pharmacies. Chief executive Richard Vincent said the company was looking for modest acquisitions that it could readily fund and which will enhance the group’s retail operations.
“We’re looking for things that are linked to our core competencies, which are retail, we’re looking for areas that can leverage our key assets such as the Sister Club (loyalty program) and our relationship with women,” he said. “It’s less likely to be around consumer brands. It’s more likely to be around a retail acquisition.”
API made a net profit of $24.9 million in the six months to February 28, down 14.4 per cent on the same period a year earlier. Total sales from Priceline Pharmacy and Priceline stores were up 2.1 per cent, as 16 stores were added to the network from a year ago, taking the total stores to 466.
API shares closed down 3.5¢ to $1.47.