Priceline rings up retail sales of $1.05bn

By Sarah Stowe | 29 Oct 2015 View comments

API, the business behind the franchised Priceline chain, has made a $43.1m profit for the year to August 31 2015.

This has been a massive turnaround from its $90.8m loss in 2014.

The Priceline business achieved a $1.05bn turnover, equating to a 10.4 percent boost to sales (excluding dispensary items). Like-for-like sale growth was 4.5 percent.

An additional 30 outlets take the Priceline footprint to 420 stores.

API outlined in its annual financial report the key strategies for future performance, and these included offering a compelling business model for partners; excellence in leadership, learning and recognition; and leveraging the health and beauty competitive advantage.

The report says “Priceline Pharmacy is seen as a compelling proposition for pharmacists who wish to offset the impact of PBS reform, leverage business, pharmacy and retail expertise, and drive further growth from integrated dispensary and retail programs.”

There will be a transition of company owned stores to franchise owned operations.

CEO and managing director, Stephen Roche, said “API is delivering on our strategy of transforming from a pharmacy wholesale business into a leading retailer with the synergy of a reliable, cash-generating pharmacy distribution business.”