TEXT-Australia's API posts 16 pct rise in Q1 sales

(Following is the text of a statement from Australian Pharmaceutical Industries Ltd (API.AX))

SYDNEY, Dec 17 - Australian Pharmaceutical Industries Limited (API) today provided an update on its trading performance and advised that sales for the first quarter ending 30 November were $770.0 million, up 16% on the same three months of the prior year.

Managing Director and Chief Executive Officer, Stephen Roche, said that sales for both major divisions had been above the prior year and continued the positive trend seen in the preceding months.

"In the first quarter API has recorded same store growth of 6% in Priceline's corporate stores and same store growth of 14.6% in the Priceline Pharmacy franchise, both showing the strength of the brand in a competitive market," Mr Roche said.

Total sales for the Retail division for the first quarter were up 7.0% to $161.6 million.

"In Pharmacy API has recorded sales of $597.7 million for the first quarter, up 19% on the same period last year," Mr Roche said.

"Overall our performance is reinforcing that the focus on our core business is yielding growth."