Rite Aid Reports 12 Pct Rise In Revenues

Rite Aid Corporation reported on Thursday (Dec. 17) as part of its Fiscal 2021 Q3 results that revenues rose 12 percent, fueled by expansion in the retail pharmacy and pharmacy services areas. Revenues from continuing operations for the timeframe were $6.12 billion, up from $5.46 billion in the past year’s quarter, according to an announcement.

“We are pleased with our third quarter performance as we continue to grow our business and achieve major physical and digital milestones through our RxEvolution strategy,” Rite Aid President and Chief Executive Officer Heyward Donigan said in the announcement.

Donigan said that the company started integration of its two legacy PBMs, opened the three inaugural Store of the Future designs, revamped more than 700 retail location exteriors and made much progress in developing its product collection to a mix that best supports complete health and rolled out its new brand in addition to logo.

Retail pharmacy segment revenues from ongoing operations rose 5.1 percent compared to the past-year quarter, while same-store sales from ongoing operations for Q3 rose 4.3 percent when compared to the past-year period.

Rite Aid reported that front-end same-store sales rose 0.3 percent outside of tobacco and cigarettes items. It said that front-end sales were helped by rises in paper, first aid and immunity products and were offset by decreases in over-the-counter items that are connected with cough, cold and flu in addition to Halloween candy sales.

The company also reported $2.1 billion in pharmacy services segment revenues, which jumped nearly 30 percent from the past-year period.

In November, Rite Aid, which is locked in a battle for United States market share with Walgreens and CVS, announced its rebranding in addition to a new view for its brick-and-mortar and digital-first experience.

“This is an important milestone in our relentless pursuit of becoming the preeminent whole health destination,” Rite Aid Chief Operating Officer Jim Peters said at the time.