Stock Monitor: China Jo-Jo Drugstores Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 16, 2018 / If you want access to our free earnings report on Rite Aid Corp. (NYSE: RAD), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RAD. The Company reported its financial results on June 27, 2018, for the first quarter of the fiscal year 2019 (Q1 FY19). The drugstore chain surpassed analysts' estimates for revenues for Q1 FY19. In addition, the Company provided its guidance for the full fiscal year 2019. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Rite Aid most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the first quarter ended June 02, 2018, Rite Aid's revenues marginally declined 0.9% to $5.39 billion compared to $5.44 billion in the first quarter ended June 03, 2017, due to a decrease in its Retail Pharmacy segment's revenues. The Company's revenue numbers exceeded analysts' estimates of $5.35 billion.
During Q1 FY19, Rite Aid incurred costs and expenses of $5.44 billion versus $5.48 billion in Q1 FY18.
For the reported quarter, Rite Aid's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations was $147.3 million compared to $136.0 million in the same quarter of last year.
Rite Aid posted a net loss from continuing operations of $41.7 million in the reported quarter compared to a loss of $36.0 million in the year earlier corresponding quarter. The Company's adjusted net loss from continuing operations was $11.5 million in Q1 FY19 compared to $9.2 million in Q1 FY18.
Rite Aid reported a net income of $214.4 million in Q1 FY19 compared to a loss of $75.3 million in Q1 FY18. The Company's earnings per share (EPS) were $0.20 in the reported quarter compared to a loss of $0.07 in the year ago same period. The Company's adjusted net loss from continuing operations per share was $0.01 in Q1 FY19, beating analysts' estimates of break-even results.
Rite Aid operates through two segments, namely (i) Retail Pharmacy segment; and (ii) Pharmacy Services segment.
During Q1 FY19, Rite Aid's Retail Pharmacy segment's revenues dropped 1.9% to $3.90 billion compared to $3.97 billion in Q1 FY18, due to store closures and a decline in same store sales. The segment's adjusted EBITDA from continuing operations were $113.5 million in Q1 FY19 versus $87.4 million in Q1 FY18, increasing 29.9% on a y-o-y basis.
For the reported quarter, Rite Aid's Pharmacy Services segment added revenues of $1.54 billion, up 2.0% from $1.51 billion in the year ago comparable period, primarily driven by an increase in Medicare Part D membership. The segment's adjusted EBITDA from continuing operations decreased 30.3% to $33.9 million in Q1 FY19 compared to $48.6 million in Q1 FY18.
Rite Aid renovated 49 stores, which resulted in the total number of wellness stores chain-wide to 1,694. During Q1 FY19, the Company sold 281 stores to Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and bolted 17 stores, bringing the total store count of 2,533 at the end of the first quarter 2019.
As of June 02, 2018, Rite Aid's cash and cash equivalents stood at $147.1 million compared to $214.4 million as of June 03, 2017. The Company had a long-term debt, less current maturities, of $3.13 billion as of June 02, 2018, versus $3.34 billion as of March 03, 2018. For the reported quarter, the Company used cash in operating activities of $16.3 million compared to cash generated of $47.8 million in the year ago corresponding period.
For the full fiscal year 2019, Rite Aid expects sales to be in the range of $21.7 billion and $22.1 billion, and store sales to increase in the band of 0% to 1%. The Company anticipates adjusted EBITDA to be in the range of $615.0 million and $675.0 million for FY19. The Company expects net loss to be in the band of $40.0 million and $95.0 million, and adjusted net income per share to be between $0.02 and $0.06 for FY19. Additionally, the Company estimates its capital expenditure to be approximately $250.0 million for FY19.
Stock Performance Snapshot
July 13, 2018 - At Friday's closing bell, Rite Aid's stock ended the trading session flat at $1.65.
Volume traded for the day: 7.72 million shares.
After last Friday's close, Rite Aid's market cap was at $1.79 billion.
The stock is part of the Services sector, categorized under the Drug Stores industry. This sector was up 0.3% at the end of the session.
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