U.S. markets open in 2 hours 38 minutes
  • S&P Futures

    -7.50 (-0.22%)
  • Dow Futures

    -58.00 (-0.21%)
  • Nasdaq Futures

    -22.75 (-0.19%)
  • Russell 2000 Futures

    +0.40 (+0.02%)
  • Crude Oil

    +0.22 (+0.55%)
  • Gold

    -8.60 (-0.45%)
  • Silver

    -0.23 (-0.90%)

    -0.0029 (-0.25%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Vix

    -0.07 (-0.24%)

    -0.0038 (-0.29%)

    +0.1270 (+0.12%)

    +1,906.00 (+17.24%)
  • CMC Crypto 200

    +15.81 (+6.45%)
  • FTSE 100

    -5.41 (-0.09%)
  • Nikkei 225

    -165.19 (-0.70%)

Rite Aid Adds new Testing Site, Supports Coronavirus Relief Efforts

Zacks Equity Research
·3 mins read

Rite Aid Corporation RAD is among the few retailers that have been working on the frontline, providing communities with medications, essential supplies and coronavirus-related information. Recently, the company provided an update related to the expansion of its COVID-19 testing sites.

Rite Aid has included another testing location at a Rite Aid store situated in Harrisburg, PA to help curb the effects of the coronavirus pandemic. The recently-added testing site in Harrisburg will be open for testing from 9 am to 5 pm all seven days every week with a target to perform roughly 200 tests each day. The testing will take place in the parking area of the store.Moreover, individuals must pre-register online and stay in their vehicles from the time they arrive until they leave the site.

In a joint effort with the U.S. Branch of Health and Human Services (HHS), the company anticipates to have extra drive-up COVID-19 testing facilitiesin the coming weeks at Rite Aid stores across Pennsylvania, New York, New Jersey, Ohio, Michigan, Connecticut and Virginia. In an earlier press release, Rite Aid announced that it has been piloting COVID-19 testing at one location in Philadelphia, providing assistance to contain the spread.

Moreover, the company earlier informed that to ensure efficient delivery of medicines it is providing home delivery service to customers with eligible prescription and for a zero delivery fee. However, it clarified that products such as refrigerated medications and controlled substances will not be eligible for delivery. Apart from this, the company has been offering pick-up services for prescriptions and over-the-counter products, and customers can use the drive-through option available at more than 50% of its retail locations.

This drugstore chain has kept its stores open, with increased staff to fulfill delivery orders faster. It has also imposed limits on in-store and online purchases of certain items so that the products can reach the maximum number of people in need.

On April 8, Rite Aid undertook hiring to overcome the situation spurred by the coronavirus outbreak. The company announced its plans to hire 5,000 full-time and part-time associates across the United States to serve customers efficiently. The move will offer additional support to provide medications, essential supplies and coronavirus-related information through stores and distribution centers.

In fact, other retailers like Dollar Tree, Inc. DLTR, Dollar General Corporation DG and Walmart Inc. WMT are hiring associates to efficiently cater to customers’ burgeoning demand for essential goods as well as delivery needs amid the coronavirus crisis.

Coming back to Rite Aid, we note that shares of this Zacks Rank #2 (Buy) company have gained 19.2% in the past three months against the industry’s decline of 21.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Today's Best Stocks from Zacks

Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.

This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.

See their latest picks free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Rite Aid Corporation (RAD) : Free Stock Analysis Report
Walmart Inc. (WMT) : Free Stock Analysis Report
Dollar Tree, Inc. (DLTR) : Free Stock Analysis Report
Dollar General Corporation (DG) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research