Rite Aid Corporation (NYSE:RAD) today announced an update on the status of stores impacted by Hurricane Sandy.
As of Nov. 12, 2012, all stores impacted by Hurricane Sandy, with the exception of the Rite Aid store in Lavallette, N.J., have been reopened and are servicing customers. The Company’s store in Lavallette remains closed due to restricted access to the barrier island. Additionally, four stores—three in New York and one in New Jersey—have established temporary pharmacies to ensure patients have access to prescription and other medications while the front-end of the stores are being repaired, which is expected to be completed by next month. At the height of the storm, 790 Rite Aid stores were closed. The Company has re-opened the affected stores as quickly as possible over the past two weeks.
It is anticipated that Hurricane Sandy will have a negative impact on same store sales results for the month of November, but the Company does not expect the storm to have a material impact on the Company’s fiscal year 2013 financial results.
Rite Aid Chairman, President and CEO John Standley commended associates at all levels for their efforts in the wake of the storm. “Our store, field and corporate associates have worked tirelessly from planning before the storm hit to serving the immediate and ongoing needs of our patients and customers in the communities affected by Hurricane Sandy. I am proud of their outstanding dedication and commitment.”Rite Aid has also played an active role in storm relief efforts with both financial and product donations to address critical needs. Immediately following the storm, The Rite Aid Foundation donated $100,000 to the American Red Cross for Hurricane Sandy Relief efforts as well as four truckloads of bottled water, worth more than $30,000, to hard-hit communities in Queens and Staten Island. The company is continuing to actively assess other ways to support relief and recovery efforts.
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