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Rite Aid Skyrockets on Impressive Earnings Report

  +Follow September 19, 2013 11:33AM
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Drugstore chain Rite Aid Corporation (RAD) issued their second quarter earnings report on Sept. 19, showing that the company’s turnaround has not slowed a bit. The company posted increased sales, notably in the key same-store sales metric, and a marked growth in the pharmacy department, upending analyst expectations.

The drugstore, which for a time flirted with bankruptcy, is in the midst of a massive turnaround.  After posting one lone profitable quarter in five years, Rite Aid has posted net gains over the last four quarters, and this one comfortably trumped analyst expectations.

Of particular excitement for Rite Aid is growing pharmaceutical sales. In a conference call with investors, Chief Financial Officer Frank G. Vitrano said, “The (sales) increase was due to higher pharmacy sales. Overall same-store sales increased 1% in the quarter, reflecting a higher pharmacy inflation rate,” referencing the chain’s aggressive expansion of that division, including the completion of the 1,000th Wellness Store remodel.

For their second quarter 2013 earnings report, Rite Aid reported a net profit of $32.8 million, or $0.03 per share, versus the net loss of $39 million, or -$0.05 per share, from the same period a year ago. Revenue for the quarter was $6.3 billion, as compared to $6.253 billion from the previous year. Analysts were expecting a loss of -$0.04 per share on revenues of $6.2 billion.

In its history, Rite Aid’s stock has gotten as high as $48.56 a share, in Dec. 1998, before a major accounting scandal racked the company, ending with several key executives, including the company’s CEO, going to jail.

Rite Aid popped on the news, gaining 21.02 percent to hit $4.49 a share. The stock is up a whopping 166 percent on the year, and has gained over 1,000 percent since March 2009, when the stock hit an all-time low of 20 cents a share.

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Results for RAD
JSTOCKBROKERS
26 Apr 15 19:51:58
RT @8JMS: $TWTR $NFLX $RAD $BA http://t.co/TBxdfwQEn2
Capital Market Labs
26 Apr 15 19:05:30
Largest Food and Staples Retailing Return on Equity 1: $RAD 2: $KR 3: $WMT Chart: http://t.co/mCruLHo243 http://t.co/OV3t3ChfsN
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26 Apr 15 18:40:52
RT @10Xtrading: Can Rite Aid's Stock Go Higher? Here Are 3 Factors That Can Do It http://t.co/ZfAZxNInxr $RAD
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26 Apr 15 17:08:52
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26 Apr 15 13:00:17
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26 Apr 15 09:22:23
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26 Apr 15 09:20:08
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chartguy89
26 Apr 15 09:18:45
RAD -0.12% Stock Charts $RAD Rite Aid Corp. (NYSE) Last Updated: 04/26/2015 11:18:45 RAD Stock Chart - 1 Month http://t.co/zO8WLycLoP
Mike Bellafiore
26 Apr 15 09:03:49
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hoffman jolly
26 Apr 15 08:55:12
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ralph henry
26 Apr 15 08:42:35
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26 Apr 15 08:00:05
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26 Apr 15 07:15:14
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26 Apr 15 06:00:25
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26 Apr 15 00:12:24
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25 Apr 15 23:01:21
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25 Apr 15 22:56:24
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25 Apr 15 09:46:00
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  +Follow September 19, 2013 11:33AM
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