Rite Aid Corporation (NYSE: RAD) rose after reporting third-quarter earnings. It was also announced Rite Aid’s partnership with McKesson will continue for another 10 years, running through March 2029.
The company, based in Camp Hill, Pa., reported net loss from continuing operations of $17.3 million, or $0.02 per share, Adjusted net income from continuing operations of $14.7 million, or $0.01 per share, and Adjusted EBITDA from continuing operations of $142.8 million, or 2.6% of revenues.
"Our third-quarter results reflect the progress we’re making in growing our retail and pharmacy benefits management businesses," said Rite Aid CEO John Standley.
"We realized our strongest prescription count performance in over two years and our best comparable store sales in over three years, driven by the success of our immunization business and other clinical pharmacy services that are benefiting our patients.
"We grew revenue by 5.6% at our EnvisionRxOptions PBM, driven by growth in our Medicare Part D membership. We look forward to building on this momentum by further improving clinical services in our pharmacy business, enhancing the customer experience in all channels and investing for further growth in both our retail and pharmacy services businesses."
Revenues from continuing operations for the quarter were $5.5 billion compared to revenues from continuing operations of $5.4 billion in the prior year’s third quarter. Retail Pharmacy Segment revenues were $4.0 billion and increased 0.4% compared to the prior-year period due to an increase in same store sales, partially offset by a reduction in store count.
Shares gained six cents, or 7.9%, to 87.5 cents
