Annual sales at Drugstore.com grow 32%; average ticket grows 24%
Net sales for 2001 at Bellevue, WA-based Drugstore.com reached $145.3 million, up 32%--$35.3 million--from 2000’s $110 million, Drugstore.com reported today. On a GAAP basis, the company lost $282.8 million for year, which reflects charges of $178 million primarily associated with the write-down of the company`s intangible assets.
Fourth quarter sales reached a quarterly record of $43.5 million, 20% over the fourth quarter of 2000. Average order increased 24% from $54 to $67 in the quarter. Net loss on a GAAP basis was $182.9 million in the fourth quarter and reflected non-cash impairment and restructuring of $163 million. The write-down of intangible assets had primarily to do with marketing agreements between Drugstore.com, Rite-Aid and GNC.
Drugstore’s operating expenses (excluding impairment and restructuring charges, amortization of intangible assets, amortization of stock-based compensation, extraordinary gain and cumulative effect adjustment) declined by 39% or $63.6 million, the company reported.
Drugstore also reported that annualized revenue per active customer (customer who has made purchase in past 12 months) is $150, a $50 increase from 2000. In addition, inventory turns reached an all time high of 23 in the fourth quarter, a 28% improvement from the fourth
quarter of 2000. Pharmacy sales were 54% of net sales for the year.
Drugstore.com says it expects 2002 net sales of $200 million, with Q1 sales of $40 million. It says it plans to acquire 800,000 to 900,000 new customers in the year.
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