POWELL, Ohio--Following four consecutive periods of red ink, Drug Emporium returned to the black in the quarter ended February 27. Its profits, propelled by a LIFO credit, enabled the deep discounter to pare its fiscal 1993 net loss by 42.8% from the prior-year level.
Drug Emporium whittled its net loss for the tumultuous year down to $2.67 million from $4.67 million in fiscal 1992. With bigger tax credits at play in the prior year, the pretax loss was trimmed by 55.4% to $3.23 million from $7.25 million. Sales increased by 2.1% to $761.6 million from $746.2 million in fiscal 1992, even though same-store sales were down 3.9%.
Including results of 99 franchised …
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