NEW YORK -- Fueled by the recent purchase of Rockbottom Stores Inc. and rapid internal growth, Duane Reade started 1999 off on a high note, posting record sales and earnings.
Net income amounted to $2 million for the 13 weeks ended March 27, compared with a $24.6 million deficit during the first quarter of 1998. In last year's period the drug chain took a $23.6 million extraordinary charge for early debt retirement in connection with its initial public offering and related financing. Backing out that item, the 131-unit retailer still sustained a $955,000 loss in the 1998 period.
Sales for the 13 weeks surged 59.5% to $190.4 million from $119.4 million, …
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