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Rite Aid Corporation (NYSE:RAD) today announced sales results for February. Because Rite Aid’s monthly sales periods always end on a Saturday and have the same number of days in both the current and prior year period, there is no impact on same store or total sales from February having one extra day this year.
The acquired Brooks Eckerd stores are excluded from the same store sales calculation but will be included in same store sales twelve months after the close of the acquisition, which will be in June 2008.
Total sales include all of the stores operated during the period, including stores acquired in the Brooks Eckerd acquisition on June 4, 2007.
Monthly Sales
For the five weeks started January 27, 2008 and ended March 1, 2008, same store sales increased 2.2 percent over the prior-year period. Pharmacy same store sales increased 2.1 percent which included an approximate 459 basis points negative impact from new generic introductions. Front-end same store sales were up 2.5 percent.
Total drugstore sales for the five-week period increased 50.8 percent to $2.613 billion as compared to $1.733 billion for the same period last year. Prescription revenue accounted for 67.4 percent of drugstore sales, and third party prescription revenue represented 96.1 percent of pharmacy sales.
Quarterly Sales
Same store sales for the 13-week quarter ended March 1, 2008 increased 1.3 percent over the like period last year, reflecting a 1.4 percent increase in pharmacy same store sales and a 1.0 percent increase in front-end same store sales.
Total drugstore sales for this 13-week fourth quarter increased 50.0 percent to $6.810 billion compared to $4.540 billion in last year’s like period. Prescription revenue represented 66.0 percent of total drugstore sales, and third party prescription revenue was 96.0 percent of pharmacy sales.
Year End Sales
Same store sales for the 52-week year ended March 1, 2008 increased 1.3 percent over the like 52-week period last year. This increase consisted of a 1.7 percent pharmacy same store sales increase and a 0.7 percent increase in front-end same store sales.
Total drugstore sales for the 52-week fiscal year ended March 1, 2008 increased 39.6 percent to $24.319 billion compared to $17.422 billion in last year’s like period. Prescription revenue accounted for 66.7 percent of total drugstore sales, and third party prescription revenue was 95.9 percent of pharmacy sales.
Rite Aid Corporation is one of the nation’s leading drugstore chains, operating 5,059 stores on March 1, 2008 in 31 states and the District of Columbia.
Information about Rite Aid, including corporate background and press releases, is available through the company’s website at http://www.riteaid.com.