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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.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for RAD
PennyStockSuperstar
26 Jan 15 06:01:43
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26 Jan 15 05:00:00
Join thousands of traders at http://t.co/30Wzoc9t1Q. 5 pro trading gurus alerted 500% gains last week. $GSAT $BBRY $ZNGA $RAD $ARIA
Clayton Gilman
26 Jan 15 03:32:35
$RAD last bullish chart confirmed by 2 higher low candles & continues higher moves. Strongest sup@ 7.20 with strongest resistance@ 7.85.
Kevin G
26 Jan 15 00:50:22
If you would like to jump on my bandwagon, I would love to start shorting $RAD. Earnings should hopefully slow if we get some closings ❄️⛄️
Kevin G
26 Jan 15 00:48:32
Looking forward to losses and negative numbers for $RAD who treat employees like shit.
StockNewsWires
26 Jan 15 00:18:10
$RAD: First Call Rating Update on Rite Aid Corporation: http://t.co/G9r1pZuN2y
MARCUS DOBSON
25 Jan 15 23:32:50
"@Rmorales3: $RAD"
Jason Carlamere
25 Jan 15 15:55:27
How can the pharmacy of $RAD close at 6pm but the building be open ? Isn't their primary business a pharmacy. Sell/Short $RAD.
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25 Jan 15 13:49:40
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25 Jan 15 13:26:57
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25 Jan 15 01:15:29
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24 Jan 15 18:00:50
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24 Jan 15 17:40:04
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24 Jan 15 17:38:29
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  +Follow September 19, 2013 11:33AM
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