Net loss increased at Rite Aid, but it still managed to beat a Wall Street estimate for second-quarter results.
Adjusted net loss from continuing operations was $22 million, or $0.41 loss per share, versus adjusted net income of $13.5 million, or 25 cents per share, in the year-previous quarter.
Rite Aid topped a MarketBeat-published analyst average estimate that called for an adjusted loss of 48 cents per share.
Net sales were $6.11 billion versus $5.98 billion in the year-prior quarter.
In its Retail Pharmacy Segment, Rite Aid reported a 6.5% revenue gain to $4.28 billion in the quarter year over year with comparable sales from continuing operations up 2.6%, although front-end comps, including general merchandise, slipped 2.4%. On a two-year basis, a measurement mitigating some COVID-19 pandemic-related effects, front-end comps increased 3%.
In announcing the financial results, Heyward Donigan, Rite Aid president and CEO, pointed to continued revenue growth as an indication of improvement in the underlying company business.
He pointed out, “Our results were driven by the continued strong execution of our COVID-19 vaccine administration, improved profitability at Elixir and benefits from our work to revitalize our retail and digital experiences. Since launching our strategy last March, our organization is executing a clear plan to build top-line momentum with an intense focus on improving our profitability. We have transformed our business to be more relevant to our target growth consumer and more efficient in how we operate while making investments necessary to drive the long-term health of our business.”
