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Drugs model flawed, says New Clicks By Dirk De Vynck New Clicks, the listed health and beauty retailer, would sell or close its remaining stand-alone pharmacies by the end of the year, it said yesterday, or transfer them to Clicks stores. Trevor Honneysett, the group leader of New Clicks, said at the group`s interim results presentation that the stand-alone model for pharmacies was flawed and not sustainable at the current gross margins of 17 percent. The cut in margins could in main be ascribed to the low dispensing fees prescribed by the medicine pricing regulations. New Clicks is awaiting the outcome of the constitutional court hearing on the medicine pricing issue. But since the hearing in mid-March the group has adopted the prescribed dispensing fees to meet competitive pressures. Finance chief André Vermeulen said that since October last year eight more PM&A pharmacies were closed and nine transferred into Clicks stores. Of the remaining 30 PM&A stores, 16 were set to be closed or sold and 14 transferred to Clicks by December. A further 11 Hyperpharm stores would also be transferred to Clicks by December. Vermeulen said that the company hoped to have 90 pharmacies in Clicks stores by December, subject to the necessary licence approvals. Clicks has applied for 98 pharmacy licences, of which 71 are new applications and 27 relocations. So far, 26 licences have been approved and 72 are still pending. Honneysett said the pharmacy model was successful in the large Clicks stores where dispensaries were introduced. This was reflected in higher front shop turnover through increased demand. The group`s strategy was still to have a dispensary in every Clicks store. The pharmacy operations, which form part of the Clicks division`s results, had a operational loss of R38 million for the six months to February, which was mainly in the smaller and non-integrated pharmacies. This loss was one of the reasons for the 28.1 percent decline to R127.7 million in the Clicks brands` operating profit. The drop in performance was also the main reason for the group`s 5.9 percent decline to R209 million in the operating profit from continuing operations. Net profit from continuing operations was 2.7 percent down at R128.9 million. Diluted headline earnings a share shrunk by 16.8 percent to 37.6c. Mark Ansley, an investment analyst at African Harvest Fund Managers, said the biggest challenges for the company were to turn Clicks around and integrate the remaining stand-alone pharmacies. New Clicks closed 10c higher at R7.60 yesterday, while the general retailers index declined 1.02 percent. Published on the web by Business Report on April 22, 2005. -------------------------------------------------------------------------------- © Business Report 2005. All rights reserved.

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