Sunday , February 25 2024

Long Chau pharmacy chain revenues rise by 66%

Pharmacy chain Long Chau reported a 66% jump in sales to VND16 trillion last year ($652.79 million), accounting for half of parent company FPT Retail’s total revenues.

Long Chau opened 560 new stores last year, taking its total to nearly 1,500 and leaving competitors such as Pharmacity and An Khang trailing far behind.

The average revenue per store was VND1.1 billion.

The ratio of its revenues to FPT Retail’s jumped to half from 30% in 2022, indicating that the pharmacy chain is heading toward becoming a sustainable growth driver for the group as some analysts forecast.

SSI Research analysts said Long Chau has a wide range of prescription drugs, which could help it increase competitiveness.

FPT Retail, which also operates electronics chain FPT Shop, saw a 5.6% rise in revenues to VND31.85 trillion.

But it reported a loss of VND294 billion, its first since listing on the Ho Chi Minh Stock Exchange in 2018.

It blamed the loss on huge bonus payments to Long Chau employees for exceeding their targets and shutting down 36 FPT Shop outlets for low sales.

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