Power cut dims pharmacy sales

New York-based pharmacy chain Duane Reade has lost more than US$3 million (£1.9 million) in sales because of the blackout in the northeastern US two weeks ago.

All of its 237 stores were forced to close temporarily after the power cut at 4.10pm on Thursday August 14. More than half of the shops reopened by the end of Friday, but operations were not fully restored until Saturday morning.

Last year, the retailer generated sales of US$1.3 billion (£831.6 million).

Chairman and chief executive officer Anthony Cuti said staff worked quickly to reopen stores as soon as power was restored. He said: 'I am pleased that the impact of this disruption was minimised.'

Bear Stearns retail analyst Dana Telsey believed the majority of retailers would not suffer much as a result of the power cut. She said: 'Most national retailers have 10 to 15 per cent of their stores in the Northeast. I don't think (the event) will have a material impact on sales or profits.'

She added: 'Most retailers had the majority of their stores back in operation by Friday.'

If the event had happened on a Saturday, or, worse still, over the Labor Day weekend, the impact would have been more significant, she believed.