Drugstore chain operator Rite Aid Corp. (RAD: Quote) posted a narrower fourth-quarter net loss of $161.3 million or $0.18 per share versus a $205.69 million or $0.24 per share loss in the previous year, mainly benefitting from continued growth in same store sales and an extra week in the quarter.
The Camp Hill, Pennsylvania-based company's quarterly revenues totaled $7.15 billion, up 10.7 percent, compared with last year's $6.46 billion, chiefly as a result of the additional week in fiscal 2012 and an increase in same store sales, partially offset by store closings. Fourth-quarter same store sales went up 3.0 percent over the prior-year period, consisting of a 1.6 percent growth in the front end and a 3.8 percent rise in the pharmacy.
On average, 6 analysts polled by Thomson Reuters expected loss per share of $0.14 on $6.98 billion revenue for the quarter. Analysts' estimates typically exclude one-time items.
For fiscal 2013, the company sees net loss between $103 million and $267 million or a loss per share of $0.13 - $0.31, while 7 analysts anticipate loss of $0.25 per share for the full year.
In addition, Rite Aid estimates fiscal 2013 sales to be between $25.4 billion and $25.8 billion with same-stores sales expected to range from flat to an increase of 1.5 percent over fiscal 2012, whereas 8 analysts project sales of 25.74 billion for the year.
by RTT Staff Writer
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