Buying better raises Genovese's net income

Drug Store News, Sept 30, 1991

Buying better raises Genovese's net income

MELVILLE, N.Y. - Genovese Drug Stores raised its net income 54.5 percent for the second quarter an 44.7 percent for the first ended Aug. 16. Jerome Stengel, vp and treasurer, said the dramatic increases were largely attributed to controlling expenses and "buying better."

Net income for the quarter was $1.2 million, on sales of $100.5 million, compared with net income of $795,000 for the year-ago period, on sales of $96.9 million.

For the half, net income was $2.7 million, on sales of $233.5 million, versus net income of $1.9 million, on sales of $225.4 million, in the previous first half.