“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.
Rite Aid, based in East Pennsboro Township in Cumberland County, is the U.S.'s third largest drugstore chain. Its shares trade on the New York Stock Exchange under the ticker symbol RAD.