Rite Aid's (NYSE: RAD) fiscal second-quarter earnings results met Wall Street's expectations, while its revenue slightly surpassed them.
Adjusted losses for the quarter were one cent per share, identical to the prior-year quarter. Revenue clocked in at $5.42 billion vs. $5.36 billion in the prior-year quarter.
The company reported a net loss of $352.3 million, or 33 cents per share. When stripping out one-time events like the impairment charge, the company reported a loss $7.9 million or one cent per share, which was in-line with what analysts had expected.
Rite Aid said it incurred $282.6 intangible asset impairment charges related to its pharmacy services segment.
The drugstore chain's revenue hit $5.42 billion, slightly above the $5.36 billion Wall Street had anticipated.
Same-store sales increased 1% from the same quarter last year, including a 1.6% increase in pharmacy sales and a 0.1% decrease in front-end sales.
Rite Aid's adjusted earnings before interest, taxes, depreciation, and amortization were $148.6 million, compared with $136.9 million from the previous year.
"During the quarter, we have been hard at work accelerating our standalone strategy to capitalize on key opportunities to grow our business," said Rite Aid Chairman and CEO John Standley.
"These efforts helped us drive significant improvement in front-end and pharmacy comparable stores sales and exceed our plans for script count growth. With our trusted brand of health and wellness, highly popular customer loyalty program, innovative Wellness format and expanding offering of health and wellness services, we have a strong foundation for growth."
Shares were virtually unchanged at $1.28
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