Rite Aid key sales figure falls in October
CAMP HILL, Pa. - Rite Aid Corp. reported today that sales at stores open at least a year fell 1.7 percent in October due to the introduction of new, cheaper generic drugs and a decline in prescriptions.
CAMP HILL, Pa. - Rite Aid Corp. reported today that sales at stores open at least a year fell 1.7 percent in October due to the introduction of new, cheaper generic drugs and a decline in prescriptions.
Sales at stores open at least a year are a key retail measure because they exclude sales at stores that opened or closed during the period.
During the four weeks ending Oct. 23, front-end same-store sales fell 1.3 percent while pharmacy sales fell 1.8 percent. The company reported a 1.9 percent decrease in filled prescriptions.
Rite Aid said sales were also hurt by a significantly weaker cold and flu season compared with last year.
Total sales fell 2.7 percent during the month, to $1.91 billion.
Rite Aid operated 4,735 stores as of Oct. 23. That's 72 fewer than in the same period a year prior.
Company shares were trading at midafternoon at $0.91, down 2 cents.