Sales up, but Henry Schein to cut 300 jobs

Despite a 9.6% increase in sales in the third quarter of fiscal year 2008, Henry Schein will cut 300 jobs in anticipation of slower growth in the markets it serves, the company said.

For the quarter (end-September 27), the company reported net income of $68.4 million on sales of $1.7 billion. Dental Group sales of $645 million increased 4.5%. Dental consumable merchandise sales increased 4.8%, and dental equipment sales and service revenues were up 3.4%.

"As evidenced by our consumable merchandise sales growth this quarter, dentists continue to have busy practices," Stanley Bergman, chairman and CEO, stated in a press release. "We do believe, however, that the current economic environment had an impact on our sales of dental equipment."