Rite Aid Beats Q2 Earnings Estimate

As the company copes with the COVID-19 pandemic, Rite Aid beat a Wall Street earnings estimate for the second quarter.

Company net loss from continuing operations was $13.2 million, or 25 cents per diluted share, versus a net loss of $78.7 million, $1.48 per diluted share, in the year-before quarter. Adjusted net income from continuing operations was $13.5 million, or 25 cents per diluted share, versus $6.3 million, or 12 cents per diluted share.

A Zacks Investment Research analyst consensus estimate called for adjusted income per diluted share of 11 cents.

Net revenues from continuing operations were $5.98 billion versus $5.37 billion in the year-earlier period.

Retail pharmacy segment revenues from continuing operations increased 4.4% to $4.02 billion versus the prior year quarter. Comparable sales from continuing operations increased 3.5% over the prior year period, consisting of a 4.6% increase in front-end sales, including general merchandise, and a 2.3% increase in pharmacy sales.

“We are pleased with our second quarter performance as we delivered another quarter of strong results while making solid progress on our bold, new RxEvolution strategy,” said Heyward Donigan, Rite Aid president and CEO. “Our retail pharmacists and associates have always been deeply committed to our communities, and they are doing a great job protecting our customers during a global pandemic.”