Rite Aid Gains But Front End Comps Sag

For the second quarter ended August 31, Rite Aid Corp. posted a 1% increase in comparable store sales versus last year’s period. Front-end comps, including those for general merchandise including home goods, decreased 0.3%, according to the company, while pharmacy comps increased 1.7%.

Total store sales for the second quarter increased 0.7% to $6.25 billion with prescription sales representing 67.9% of revenues, Rite Aid reported.

Total sales slightly surpassed a published average analyst estimate.

For the five week fiscal August period, comparable store sales increased 1.1% over the prior-year perid with front-end comps decreasing 1.7% and pharmacy comps increasing 2.5%, the company stated. Pharmacy comps included a 161 basis point negative impact from new generic introductions, Rite Aid asserted

Total store sales gained 1.1% in the August to $2.425 billion compared to $2.399 billion, the company noted.

As of August 31, the company operated 4,604 stores compared to 4,643 stores at the same time a year ago, Rite Aid maintained.