Drugstore.com doubles on 4Q predictions
Shares of the online drug retailer jumped 0.69 to 1.94. The stock had traded as high as high 36.625 in the last 52-weeks.
Announcing at a Morgan Stanley conference in Scottsdale, Arizona, the company said it now expects unaudited net sales of at least $35 million for the company's fourth quarter, above First Call's $29.33 million estimate.
Year-over-year, the revised quarterly revenue estimate is a 90 percent increase over the same period in 1999, and would top sales for that entire fiscal year.
Drugstore.com Chairman and CEO, Peter Neupert also said that unaudited gross margin for the fourth quarter was more than 13 percent, compared with the negative 16.3 percent seen in the same quarter a year ago. In addition, drugstore.com added 257,000 new customers in the current quarter.
The company expects to release more detailed financial results for fiscal 2000 later this month.