Rite Aid reports nearly $62M net income for Q3
Rite Aid Corp. has reported a net income of $61.9 million for its fiscal third quarter, which ended Dec. 1.
“We have reached a significant milestone in our turnaround efforts by returning to profitability,” said John Standley, Rite Aid chairman, president and CEO. Last year’s third quarter had a net loss of $52 million.
Standley noted that Rite Aid has now increased adjusted EBITDA and same-store prescription counts for eight consecutive quarters, which he attributed to strong prescription count growth, an increase in front-end same-store sales and higher pharmacy gross margin resulting from the introduction of new generic medications.
In the 13-week third quarter, the company relocated three stores, remodeled 114 stores and closed 10 stores, for a final total of 4,633 stores in operation. Revenues were $6.2 billion. Last year’s third-quarter resulted in revenues of $6.3 billion but a net loss of $52 million.