Retail drugstore chain operator Rite Aid Corp. (RAD: Quote) reported Thursday a 1.1 percent increase in May total same store sales, boosted by sales growth and a rise in pharmacy same store sales.
Front-end same store sales for the month grew 1.3 percent from the month of May, and total Pharmacy same store sales, including a 406 basis point negative impact of new generic introductions, increased 1.0 percent over the year-ago period.
The company noted that prescriptions filled at comparable stores increased 2.6 percent over the prior-year period.
Rite Aid, the industry's weakest player, has been gaining ground recently due to the contract termination between Walgreen Co. (WAG: Quote) and Express Scripts, Inc. (ESRX: Quote). Rite Aid, along with another peer CVS Caremark Corp. (CVS: Quote), have been advertising to lure customers who used to fill their prescriptions at Walgreen earlier.
Camp Hill, Pennsylvania-based Rite Aid reported total drugstore sales of $2.454 billion for May, up 0.3 percent from $2.446 billion in the comparable month a year ago. Prescription revenue accounted for 68.2 percent of drugstore sales, while third party prescription revenue represented 96.6 percent of pharmacy sales.
For the first quarter, the company's same store sales grew 2.5 percent over the year-ago quarter. Front end same store sales increased 2.7 percent over last year, and pharmacy same store sales grew 2.4 percent over the same quarter last year.
Total drugstores sales for the quarter were $6.44 billion, up 1.8 percent from $6.33 billion in the comparable quarter a year ago. Prescription revenue accounted for 68.4 percent of total drugstore sales, while third-party prescription revenue was 96.4 percent of pharmacy sales during the quarter.
RAD closed Wednesday's regular trading session at $1.29, up $0.02 on a volume of 6.67 million shares.
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by RTT Staff Writer
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