Friday, April 12, 2019

Rite Aid swings to Q4 loss; to stop selling e-cigarettes and vaping products

Chain Store Age
Rite Aid posted mixed results for its fourth quarter amid ongoing pharmacy reimbursement pressures and a reorganization of its top ranks.

The drug store chain on Thursday reported a loss of $273 million for the quarter ended, compared to a gain of $767 million in the year-ago period.

Net sales inched down to $5.38 billion from $5.39 billion last year. The company’s retail pharmacy segment revenues were flat at $3.97 billion. Same-store sales rose 0.7%, driving a 2.1% increase in pharmacy sales and a 1.9% decrease in front-end sales.. . . more