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Rite Aid Reports 1.1 Percent Same Store Sales Decrease For October

Stocks in this article: RAD

Rite Aid Corporation (NYSE: RAD) today announced sales results for October.

Monthly Sales

For the four weeks ended Oct. 27, 2012, same store sales decreased 1.1 percent over the prior-year period. October front-end same store sales increased 1.5 percent. Pharmacy same store sales, which included an approximate 971 basis points negative impact from new generic introductions, decreased 2.3 percent. Prescription count at comparable stores increased 4.7 percent over the prior-year period.

Total drugstore sales for the four-week period decreased 1.8 percent to $1.918 billion compared to $1.954 billion for the same period last year. Prescription sales accounted for 68.2 percent of drugstore sales, and third party prescription sales represented 96.5 percent of pharmacy sales.

Hurricane Sandy Impact

The Company estimates that approximately 1.1 percent of October’s front-end same store sales increase of 1.5 percent and approximately 0.2 percent of October’s 4.7 percent prescription count at comparable stores increase was attributable to pre-storm sales associated with Hurricane Sandy.

It is anticipated that Hurricane Sandy will have a negative impact on same store sales results for the month of November, due to temporary store closures resulting from the hurricane. As of the close of business on October 31, Rite Aid had 188 stores either closed or operating with no power, down from a peak of 790 closed during the height of the storm on Monday evening, October 29. As of October 31, the company has eight stores that have sustained substantial damage, although this number could increase as Rite Aid field leaders gain access to more locations. The Company is re-opening the affected stores as quickly as possible.

Year-to-Date Sales

Same store sales for the 34-week period ended Oct. 27, 2012 increased 0.7 percent over the prior-year period. Front-end same store sales increased 2.1 percent while pharmacy same store sales increased 0.1 percent. Prescription count at comparable stores increased 3.7 percent over the prior-year period.

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