Priceline looking for new stores

PHARMACIES operator and health and beauty products retailer Australian Pharmaceutical Industries is looking for acquisitions to boost retail operations, and says it will 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 says the company is looking for modest acquisitions that it can 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, and of course we’re looking for businesses that have high growth potential and high profit potential, and in the health and beauty space,” Mr Vincent said yesterday.

API made a net profit of $24.9 million in the six months to February 28, down 14.4 per cent on a year earlier.

API shares dropped 3.5c, or 2.3 per cent, to $1.47.