Drugstore chain Rite Aid Corporation (NYSE:RAD - News) posted a same-store sales (comps) increase of 2.2% for the month of January, with strong front-end, pharmacy and prescription count comps for the month. Front-end same store sales for the four-week period ended January 28, 2012, increased 2.7%, while pharmacy and prescription count comps were up 2.1% and 1.6%, respectively.
Pharmacy comps for January incorporated a negative impact of around 230 basis points from new generic introductions.
For the nine-week period ending January 28, 2012, Rite Aid reported a 3.0% increase in same store sales, with front-end same store sales up 1.4%, pharmacy same store sales up 3.8% and prescription count at comparable stores up 2.5%.
Year-to-date (48-week period ended January 28, 2012), same-store sales at Rite Aid jumped 1.9%, including a 1.0% climb in front-end comps, a 2.3% surge in pharmacy comps and a 0.8% rise in prescription filled at comparable stores.
Sales results, for the four weeks ended January 28, 2012, increased to $1.923 billion from $1.891 billion in the year-ago period, representing a year-over-year growth of 1.6%.
Sales
Rite Aid recorded total January drugstore sales of $1.923 billion, with prescription sales accounting for 70.0% of drugstore sales and third party prescription sales making up for 96.4% of pharmacy sales. The company’s January sales represented a 1.6% rise from sales of $1.891 billion in January 2011.
During the nine-week period through January 28, 2012, the company’s sales rose 2.6% to $4.567 billion, where 66.9% of drugstore sales came from prescription sales and 96.5% of pharmacy sales comprised of third party prescriptions.
On a year-to-date basis through January 28, 2012, Rite Aid’s sales rose 1.4% to $23.468 billion from $23.138 billion in the year-ago period. Total drugstore sales for the period include about 68.1% of prescription sales, while pharmacy sales comprised nearly 96.5% of third-party prescription sales.
Headquartered in Camp Hill, Pennsylvania, Rite Aid is the third largest retail drugstore in the U.S. based on revenues and number of stores. The company operates in 31 states across the country and in the District of Columbia. As of January 28, 2012, the company operated 4,672 stores versus 4,718 stores as of January 28, 2011.
Rite Aid, which competes with CVS Caremark Corporation (NYSE:CVS - News) and Walgreen Co. (NYSE:WAG - News), currently, holds a Zacks #3 Rank, implying a short-term Hold rating on the stock. The company retains a long-term Neutral recommendation on the stock.
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