The fourth quarter saw Rite Aid Corp. take a bigger-than-expected loss, although revenues edged out a Wall Street estimate.
Rite Aid posted a net loss from continuing operations in the quarter of $389.1 million, or $7.18 per diluted share, versus a loss from continuing operations of $18.5 million, or 34 cents per diluted share, in the year-previous period.
Company net loss from continuing operations adjusted for one-time events was $88.6 million, or $1.63 per diluted share, versus net loss from continuing operations of $41.8 million, or 78 cents per diluted share, in the year-before quarter, the company reported.
An analyst consensus fourth-quarter estimate published by MarketBeat called for an adjusted net loss from continuing operations of 56 cents and revenue of $5.96 billion.
Rite Aid revenues in the quarter were $6.07 billion versus $5.92 billion in the year-earlier period.
For the full fiscal year, Rite Aid posted a company net loss from continuing operations of $538.5 million, $9.96 per diluted share, versus a net loss from continuing operations of $100.1 million, $1.69 per diluted share, in the year previous.
Adjusted net loss from continuing operations was $81.5 million, or $1.51 per diluted share, versus an adjusted net loss from continuing operations of $8.1 million, or 15 cents per diluted share, in the year before, the company stated.
Revenues were $24.57 billion versus $24.04 billion in the year earlier.
Retail Pharmacy Segment revenues from continuing operations increased 7.8% over the prior-year quarter, driven by an increase in comparable sales. In the fourth quarter, comps from continuing operations gained 8.3% over the prior-year period, consisting of a 10.7% increase in pharmacy sales and a 2.7% increase in front-end sales. Front-end comps, excluding cigarettes and tobacco products, increased 3.2% in the quarter year over year, the company maintained.
For the full fiscal year, Retail Pharmacy Segment revenues from continuing operations increased 6.9% over the prior year driven by comps and the inclusion of results from recently acquired Bartell Drug. Retail Pharmacy Segment comps from continuing operations increased 4.5% over the prior year, consisting of a 7.9% increase in pharmacy sales, partially offset by a 3.3% decrease in front-end sales, which includes general merchandise. Front-end comps, excluding cigarettes and tobacco products, decreased by 2.8%.
“We exceeded our 2022 plan amid continuing challenges of the COVID-19 pandemic,” said Heyward Donigan, president and CEO, said in announcing the financial results. “As we look forward to the year ahead, we are ready and energized to compete in a new post-pandemic normal. We demonstrated the important role that pharmacists play in the everyday health of our customers, and are well-positioned to grow in a trillion-dollar pharmacy market through our continued leadership as a full-service pharmacy company.”
