Rite Aid Provides Hurricane Sandy Store Update Status; Company Supports Relief Efforts Across Region
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.
Rite Aid Corporation (NYS: RAD) is one of the nation's leading drugstore chains with more than 4,600 stores in 31 states and the District of Columbia and fiscal 2012 annual revenues of $26.1 billion. Information about Rite Aid, including corporate background and press releases, is available through the company's website at www.riteaid.com.
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
The article Rite Aid Provides Hurricane Sandy Store Update Status; Company Supports Relief Efforts Across Region originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.