Rite Aid same store sales continue to be on a bit of a winning streak.
The East Pennsboro Twp. company released its February sales figures today. The company showed a 1 percent increase in same store sales for the five weeks that ended Feb. 26. Same stores sales are considered a good barometer of a retailers’ health because it excludes sales from stores that have opened or closed within the last year.
Rite Aid also reported that its front-end store sales also increased 1.1 percent. Pharmacy sales, which were negatively impacted by the introduction of new generic drugs, also showed a modest increase of 0.9 percent.
Total drugstore sales for the five-week period increased 0.1 percent to $2.438 billion compared to $2.434 billion for the same period the previous year. Prescription revenue accounts for 67.9 percent of drugstore sales. This is the third straight month that Rite Aid has showed some gains in same store sales and front-end sales. Rite Aid same store sales increased 0.6 percent in December and 1.1 percent in January.
On a year end basis, Rite Aid sales decreased 0.7 percent, front-end same store sales decreased 0.3 percent and pharmacy same store sales decreased 0.9 percent.
Total drugstore sales for the 52 weeks that ended Feb. 26 decreased 1.8 percent to $25.118 billion from $25.569 billion during the same period the previous year.
The February sales growth figures comes on the heels of the company’s announcement that it is in compliance with the New York Stock Exchange’s minimum trading requirements for listing.
The company had faced
becoming delisted because its stock had been trading below
the minimum share price of $1. Rite Aid announced earlier
this week that it regained compliance after its stock had
traded for more than $1 for 30 consecutive days.
Rite Aid is the nation’s third largest drugstore chain. By the end of February, it operated 4,714 stores. The company’s stock trades under the RAD symbol on the New York Stock Exchange.