Medicines a cure-all

SHOPPERS are spending less on beauty products as tough economic conditions bite, the owner of the Priceline health and beauty chain says.

Australian Pharmaceutical Industries, which also owns chemist chain Soul Pattinson, says while growth in beauty spending is slowing, sales of over-the-counter medicines helped the company beat its full-year profit forecast.

The company revealed yesterday it had chalked up a net profit of $52.4 million for the year to August – up 1.4 per cent on the previous year.

Its underlying profit, which strips out “one-offs”, jumped 5.4 per cent to $54.2 million, beating the group’s forecast of 5 per cent growth.