Prescription sales constituted 72% of the overall drugstore sales. Prescription count at the same-store sales, adjusted to 30-day equivalent, rose 4.4% on the back of non-COVID-19 prescriptions (up 3.6%), acute prescriptions (up 8%) and maintenance prescriptions (up 2.1%). Excluding cigarettes and tobacco products, front-end same-store sales moved up 2.7% from the year-ago period’s reading. Retail Pharmacy same-store sales were up 7.5%, driven by a 9.5% rise in pharmacy sales and 2.2% growth in front-end same-store sales. In the fiscal third quarter, the Retail Pharmacy segment's revenues fell 0.5% due to a reduction in COVID-19 vaccines and testing, and store closures, offset by higher acute and maintenance prescriptions. Sluggishness in both Retail Pharmacy and Pharmacy Services segments hurt sales. Revenues declined 2.3% from the year-ago quarter’s figure to $6,083.3 million but surpassed the Zacks Consensus Estimate of $5,937 million. However, the figure came below the prior-year quarter’s earnings of 15 cents.
Rite Aid incurred an adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 32 cents. Results were hurt by the drab demand for flu immunizations and COVID-19 vaccines. However, both metrics declined year over year. Rite Aid posted third-quarter fiscal 2023 results, wherein the bottom and top lines beat the Zacks Consensus Estimate. Rite Aid Q3 Loss Narrower Than Expected, Revenues Beat Will the recent negative trend continue leading up to its next earnings release, or is Rite Aid due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Shares have lost about 7% in that time frame, underperforming the S&P 500.
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A month has gone by since the last earnings report for Rite Aid ( RAD Quick Quote RAD - Free Report).
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