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Rite Aid Q3 Sales Grow, Net Loss Shrinks

First quarter net revenue at Rite Aid was up slightly as an increase in its retail pharmacy segment helped boost sales in the three month period ended December 1.  

Revenue in the quarter was $5.5 billion, up from revenue of $5.4 billion in the comparable quarter the previous year. Net loss from continuing operations was $17.3 million compared with a net loss of $18.2 million for the third quarter of the prior year.

Same-store sales were up 1.6% and included a 3.1% increase in pharmacy sales and a 1.5% decrease in front-end sales. Prescription filled in same stores increased 2.4% compared to the prior year due to strong results from immunizations and other initiatives to drive script growth.

“Our third quarter results reflect the progress we’re making in growing our retail and pharmacy benefits management businesses,” said John Standley, Rite Aid CEO. “We realized our strongest prescription count performance in over two years and our best comparable store sales in over three years.”

In the third quarter, the company remodeled 21 stores and relocated one store, bringing the total number of wellness stores chainwide to 1,748. During the third quarter, the company closed one store, resulting in a total store count of 2,525 at the end of the third quarter.