CAMP HILL, Pa. – Retail pharmacy chain Rite Aid Corp. (NYSE:RAD) today posted a profit of $27.6 million or 4 cents per diluted share for the fiscal first quarter ended June 2, compared with $11.0 million or 1 cent per share in the year-ago period.
The company credited an income-tax benefit of $1.3 million in the quarter just ended versus an expense of $4.7 million a year earlier; store closing and impairment charges of $4.0 million, down from $12.6 million in the year ago period; and a gain on sale of assets of $4.2 million, versus the year-ago loss of $0.8 million. Those positive changes were partially offset by $11.2 million in expenses related to the completion of the Brooks Eckerd purchase.
Rite Aid posted revenue of $4.46 billion for the 13-week period, a 2.8 percent increase from the $4.34 billion it reported in the first quarter of the previous fiscal year. Same-store sales rose 2.3 percent year-over-year, as pharmacy same-store sales rose 2.7 percent while front-end sales rose 1.6 percent.
The company last night announced that a special shareholders’ meeting had reelected three members to the board of directors and confirmed Andre Belzile, whose June 4 addition to the board was agreed upon with Jean Coutu Group Inc. as part of the Brooks-Eckerd acquisition. (READ MORE)
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Income from the Brooks Eckerd stores and distribution centers Rite Aid acquired June 4 is not included in today’s first-quarter report because the transaction closed two days after the end of the financial period.
Rite Aid Corp. (NYSE:RAD) completed its acquisition of the Brooks-Eckerd drugstore chain on June 4, giving the company a total of 5,100 stores in 31 states and the District of Columbia and combined annual revenue of $27 billion. To learn more, visit www.riteaid.com.
