Rite Aid Corp. (NYSE: RAD) released its fiscal fourth-quarter financial results before the markets opened on Thursday. The firm said that it had a net loss of $0.01 per share and $5.38 billion in revenue, which compares with consensus estimates calling for a net loss of $0.02 per share and $5.56 billion in revenue. The same period of last year reportedly had a per-share net loss of $0.01 and revenue of $5.39 billion.
During the most recent quarter, Retail Pharmacy Segment revenues were $3.97 billion, flat compared to the prior year period. Revenues in the Pharmacy Services Segment were $1.46 billion, an increase of 1.2% year over year, which was due to an increase in Medicare Part D membership.
At the same time, same-store sales from Retail Pharmacy continuing operations increased 0.7% over the prior year, consisting of a 2.1% increase in pharmacy sales and a 1.9% decrease in front-end sales.
Looking ahead to the 2020 fiscal full year, the company expects to see sales in the range of $21.5 billion to $21.9 billion, with same-store sales expected to increase 0.0% to 1.0% and a net loss of $0.01 and $0.04 per share.
Consensus estimates call for $0.02 in earnings per share and $22.09 billion in revenue for the year.
John Standley, Rite Aid CEO, commented:
In the fourth quarter, we continued generating critical momentum in key areas of our business while taking important steps to position Rite Aid for future growth. Despite a mild flu season, we delivered our third consecutive quarter of same-store pharmacy sales and prescription count growth thanks to a record number of immunizations and other script growth initiatives. We also increased Medicare Part D membership within our EnvisionRxOptions PBM, which helped drive revenue growth and a $4.5 million increase in Pharmacy Services Segment Adjusted EBITDA.
Shares of Rite Aid closed Wednesday at $0.57, in a 52-week range of $0.51 to $2.12. The consensus price target is $0.67 per share.
24/7 Wall St.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.