Rite Aid Reports 12.0 Percent Same-Store Sales Increase for February
BUSINESS WIRE - March 12, 2001 08:43
CAMP HILL, Pa., Mar 12, 2001 (BUSINESS WIRE) -- Rite Aid Corporation (NYSE, PSE: RAD) today announced sales results for February.
Monthly Sales
For the five weeks ended March 3, 2001, same-store sales rose 12.0 percent over the prior-year period. Pharmacy same-store sales were up 15.0 percent, while front-end same-store sales were up 7.7 percent.
Rite Aid East Coast same-store sales for the five-week period increased 13.0 percent, consisting of a 15.2 percent advance in comparable pharmacy sales with an 8.9 percent increase in front-end same-store sales. West Coast same-store sales increased 9.8 percent, reflecting a 14.2 percent gain in pharmacy sales and a 5.7 percent gain in front-end same-store sales.
Total drugstore sales for the five-week period rose 9.4 percent to $1.436 billion compared to $1.313 billion for the same period last year. Prescription revenue accounted for 60.9 percent of drugstore sales, and third party prescription revenue represented 91.1 percent of pharmacy sales.
Prior year's February same-store sales included approximately $27 million of proceeds from liquidation of a substantial amount of discontinued and obsolete inventory that had accumulated in store stockrooms and warehouse facilities over several fiscal years.
Excluding these deeply discounted sales, current year front-end same-store sales for the five-week period would have increased by 13.6 percent and total same-store sales for the five-week period would have increased by 14.5 percent.
Quarterly Sales
Same-store sales for the quarter ended March 3, 2001 increased 10.6 percent over the prior-year quarter, reflecting a 12.7 percent increase in pharmacy comparable sales and a 7.7 percent increase in front end same-unit sales.
East Coast same-store sales for the quarter increased 11.0 percent, consisting of a 12.9 percent gain in pharmacy comparable sales and a 7.6 percent increase in front-end same-store sales. West Coast same-store sales for the quarter increased 9.8 percent, consisting of a 12.1 percent gain in pharmacy comparable sales and a 7.9 percent gain in front-end same-stores sales.
Total drugstore sales for the quarter increased 8.3 percent to $4.097 billion against $3.785 billion in the same quarter last year. Prescription revenue represented 58.8 percent of total drugstore sales, and third party prescription revenue was 90.9 percent of pharmacy sales.
Year-to-Date Sales
Same-store sales for the 53-week period ended March 3, 2001, which represents Rite Aid's full 2001 fiscal year, increased 9.1 percent, consisting of a 10.9 percent pharmacy same-store sales increase and a 6.5 percent increase in front-end same-store sales.
Total drugstore sales for the 53 weeks ended March 3, 2001, gained 6.6 percent to $14.491 billion from $13.589 billion in last year's like period. Prescription revenue accounted for 59.6 percent of total drugstore sales, and third party prescription revenue was 90.3 percent of pharmacy sales. |
