Duane Reade Meets Expectations, But 2001 Forecast Falls Short

Earnings Scorecard
Actual Estimated* Year-Ago
$0.51 $0.51 $0.38

Duane Reade ( DRD) reported fourth-quarter earnings Tuesday that met Wall Street's expectations, but forecast 2001 first-quarter and full-year results that were below analysts' forecasts.

For its fourth quarter ending Dec. 30, Duane Reade earned $9.6 million, or 51 cents a share, up from $6.9 million, or 38 cents a share, in the year-ago period. Two analysts surveyed by First Call/Thomson Financial estimated the New York-based drugstore chain would earn 51 cents a share.

Duane Reade posted fourth-quarter revenue of $287.3 million, up 25.1% from the same quarter a year ago. Same-store sales increased 7.5% from last year's fourth quarter.

The company said it expects to report first-quarter earnings of 12 cents to 14 cents a share, which falls short of the two-analyst consensus of 15 cents a share reported by First Call/Thomson Financial. The company's full-year earnings forecast of $1.48 and $1.52 a share also is below the consensus estimate of $1.58.

Duane Reade plans to open 25 new stores this year, the majority of which will be in the New York region.

On Feb. 16, the company's stock reached a 52-week high of $40 a share on the New York Stock Exchange.

More from Stocks

Markets Look Confused After Latest Beating

Markets Look Confused After Latest Beating

General Electric Expulsion From Dow Symbolizes Unsettled Week in Markets

General Electric Expulsion From Dow Symbolizes Unsettled Week in Markets

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In