Rite Aid August Same-store Sales Rise 1.1%

(RTTNews) - Retail drugstore chain operator Rite Aid Corp. (RAD) on Thursday reported a 1.1 percent increase in same-store sales for the month of August.

However, front-end same store sales for the month declined 1.7 percent. Pharmacy same store sales, which includes a negative impact of about 161 basis points from new generic introductions, increased 2.5 percent.

Rite Aid noted that prescription count at comparable stores decreased 0.2 percent over the prior-year period.

The Camp Hill, Pennsylvania-based company reported that total drugstore sales for the five weeks ended August 31, 2013, also increased 1.1 percent to $2.43 billion from $2.40 billion in the same period last year. Prescription sales accounted for 68.4 percent of drugstore sales, while third party prescription sales represented 97.1 percent of pharmacy sales.

For the second quarter ended August 31, Rite Aid's same store sales increased 1.0 percent from the prior-year quarter. Front-end same store sales declined 0.3 percent, while pharmacy same store sales rose 1.7 percent. Prescription count at comparable stores was flat compared to the prior-year period.

Total drugstore sales for the quarter edged up 0.7 percent to $6.25 billion from $6.21 billion in the same period last year. On average, four analysts polled by Thomson Reuters expected the company to report revenues of $6.23 billion for the quarter. Analysts' estimates typically exclude special items.

Prescription sales represented 67.9 percent of total drugstore sales in the second quarter, and third party prescription sales represented 97.0 percent of pharmacy sales.

For the year-to-date 26-week period ended August 31, Rite Aid's same store sales declined 0.8 percent from the year-ago period. Front-end same store sales were flat compared to the prior-year period, while pharmacy same store sales declined 1.1 percent. Prescription count at comparable stores decreased 0.1 percent over the prior-year period.

Total drugstores sales for the year-to-date period were $12.51 billion, down 1.0 percent from $12.65 billion in the comparable period of the prior year. Prescription sales accounted for 67.7 percent of total drugstore sales, while third-party prescription sales represented 97.0 percent of pharmacy sales during the period.

On August 31, 2013, Rite Aid operated 4,604 stores, compared to 4,643 stores in the same period a year ago.

RAD closed Wednesday's trading at $3.46. In Thursday's pre-market, the stock is up $0.05 or 1.45 percent to $3.51.