Rite Aid Corporation (NYSE:RAD) reported operating results for its fourth quarter ended March 2, 2019.
For the fourth quarter, the Camp Hill, Pa.-based company reported net loss from continuing operations of $255.6 million, or $0.24 per share, adjusted net loss from continuing operations of $13.3 million, or $0.01 per share, and Adjusted EBITDA from continuing operations of $134.1 million, or 2.5% of revenues.
CEO John Standley. "Despite a mild flu season, we delivered our third consecutive quarter of same-store pharmacy sales and prescription count growth thanks to a record number of immunizations and other script growth initiatives.
"We also increased Medicare Part D membership within our EnvisionRxOptions PBM, which helped drive revenue growth and a $4.5-million increase in Pharmacy Services Segment Adjusted EBITDA."
The improvement in operating results was due primarily to a prior year charge of $191.0 million, net of tax, for the impairment of goodwill related to the Pharmacy Services Segment and lower income tax expense.
In the fourth quarter, the company remodeled 30 stores, bringing the total number of wellness stores chainwide to 1,765.
Additionally, the company closed 56 stores, resulting in a total store count of 2,469 at the end of the fourth quarter.
As for outlook, Rite Aid said it expects sales to be between $21.5 billion and $21.9 billion in fiscal 2020 with same store sales expected to range from no increase to an increase of 1% over fiscal 2019.
Net loss is expected to be between $170.0 million and $220.0 million.
Shares gave back 1.8 cents, or 3.2%, to 55 cents.
