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4-Traders Homepage  >  Equities  >  Nyse  >  Rite Aid Corporation    RAD

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Rite Aid March Same-Store Sales Rose 3.6%

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04/05/2012 | 03:02pm CEST

Rite Aid Corp.'s (>> Rite Aid Corporation) same-store sales rose 3.6% in March, continuing a streak of monthly growth for the drugstore chain.

The No. 3 U.S. drugstore chain behind Walgreen Co. (WAG) and CVS Caremark Corp. (>> CVS Caremark Corporation) reported same-store sales growth in all but one month during 2011; March 2011 had a 0.1% drop. Last month Rite Aid reported its fourth-quarter same-store sales rose 3%, its best showing in five years.

Analysts have been expecting Rite Aid and CVS to gain market share as a result of Walgreen's exiting pharmacy benefits manager Express Scripts Holding Co.'s (ESRX) network late last year. The move was expected to result in some of Walgreen's customers going to competitors such as Rite Aid to fill prescriptions.

During March, same-store sales were up 4.6% in the front of the store.

Pharmacy same-store sales increased 3.2%, despite a negative impact of 2.4 percentage points from generic drug introductions. Same-store prescription counts grew 2.6%.

Total March drugstore sales rose 3.1% to $1.99 billion. Prescription sales accounted for 69.2% of drugstore sales.

Rite-Aid, which has about 4,659 stores, has posted losses since its 2007 acquisition of the Brooks and Eckerd chain stores that saddled it with debt just before consumers slashed spending.

The company in December reported that its fiscal third-quarter loss narrowed on higher same-store sales as the drugstore chain's wellness and loyalty and flu-immunization programs lifted pharmacy-department sales.

Shares were up 2.3% at $1.75 in recent premarket trading.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; [email protected]

Stocks mentioned in the article : Rite Aid Corporation, CVS Caremark Corporation
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Financials ($)
Sales 2018 32 898 M
EBIT 2018 405 M
Net income 2018 -25,6 M
Debt 2018 6 759 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 105,76
EV / Sales 2018 0,32x
EV / Sales 2019 0,31x
Capitalization 3 867 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 6,63 $
Spread / Average Target 81%
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NameTitle
John T. Standley Chairman & Chief Executive Officer
Kenneth A. Martindale President & CEO-Rite Aid Stores
Bryan B. Everett Executive Vice President-Store Operations
Darren W. Karst Chief Financial & Administrative Officer, SEVP
Steve Rempel Chief Information Officer & Senior Vice President
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