Pharmacy Chain 36.6 narrows losses in Q1

Russian retailer Pharmacy Chain 36.6 has reported group revenues from ongoing operations declined by 22.6% tо RUB4.54 billion (USD144.8 million) in Q1. Group net loss improved from RUB648.5 million (USD20.6 million) in Q1 2009 to RUB162 million (USD5.1 million). The retail unit closed 15 stores in the quarter.

In retail pharmacy operations, like-for-like sales fell by 21.1%, although average check increased by 2.3% in RUB terms. Early Learning Center revenue consolidated by the group (which is 50% of the total revenue) reached RUB33.9 million (USD1.08 million), an 18% growth. Four unprofitable stores were closed in the course of 2009 and were replaced by four new profitable locations, which provided the given sales growth. Early Learning Center net loss increased by 136.5% to RUB4.6 billion (USD146.7 million).