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BELLEVUE, Wash. - Internet retailer drugstore.com said today that net sales rose to an all-time high of $43.5 million in the fourth quarter.
"Our fourth quarter results demonstrate that we can be both a high growth retailer and drive significant operating improvements in many areas from increasing gross margin to reducing costs that benefit the bottom line," says Kal Raman, president and CEO of drugstore.com inc. "In spite of the current economic environment we have delivered on our promises, quarter after quarter. We are very proud of our accomplishments thus far."
Net sales for the fiscal year 2001 reached $145.3 million, and reflects a $35.3 million or 32% increase over fiscal year 2000.
The company said its net loss for the quarter on a pro forma basis excluding special items decreased to $14.7 million, reflecting a year-over-year loss reduction of $13.9 million. Pro forma net loss per share decreased to 22 cents from a loss of 45 cents a year ago.
The net loss was $182.9 million in the fourth quarter and reflected non-cash impairment and restructuring charges of $163 million. On a per-share basis, the net loss was $2.75 in fourth quarter, versus a loss of 68 cents a year earlier.
Drugstore.com said it expects 2002 net sales of $200 million, while sales in the first quarter of 2002 are expected to be about $40 million.