Rite Aid Reports 1.1 Percent Same Store Sales Decrease for October
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.
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.
Total drugstore sales for the 34 weeks ended Oct. 27, 2012 were flat with sales of $16.463 billion compared to $16.467 billion for the same period last year. Prescription sales represented 68.0 percent of total drugstore sales, and third party prescription sales represented 96.6 percent of pharmacy sales.
Rite Aid is one of the nation's largest drugstore chains. On Oct. 27, 2012, the company operated 4,637 stores compared to 4,688 stores in the like period a year ago. Information about Rite Aid, including corporate background and press releases, is available through the company's website at http://www.riteaid.com. Note that all sales data in this release is preliminary, unaudited and subject to revision.
Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties that are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Rite Aid Corporation
Matt Schroeder, 717-214-8867
Susan Henderson, 717-730-7766
KEYWORDS: United States North America Pennsylvania
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