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Retail

Rite Aid, No New Surprises (RAD)

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By Douglas A. McIntyre Updated Published
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Rite Aid Corp. (NYSE: RAD) is getting a bit of a boost after earnings, despite there being no major success nor a major turnaround in the near future.  The drug store chain posted narrower losses after its activities in closing stores and cutting costs.  The real reason for the interest is that there are a few positive developments and no real blow-ups that were not known ahead.

It lost $98.4 million, which comes to -$0.11 EPS, and that is down from -$156.6 million and -$0.20 EPS a year ago. Revenues  were down about 1% to $6.53 billion.  Thomson Reuters had estimates at -$0.13 EPS and  $6.55 billion in revenues.

The company now expects a wider loss for the year, although this appears to be based upon refinancing expenses.  A larger interest expense than originally seen is the culprit.  It has started refinancing a portion of its September 2010 maturities.

The issue to consider here is that its same-store sales actually grew by +0.6% as prescriptions rose by +2.2% for the quarter.  The company also noted that net cash provided by operations was $357.6 million and its liquidity grew to $901.8 million at the end of the quarter.

Trading volume is still a bit light this morning but shares are indicated up 3% at $1.30 in pre-market trading.  The 52-week range is $0.20 to $1.97.

Jon C. Ogg
June 24, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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