By Chelsey Dulaney
Rite Aid Corp. on Friday said sales at stores open at least a
year grew 5.3% in December, boosted again by strengthening pharmacy
sales.
Rite Aid shares gained 1.9% in premarket trading after
rebounding 51% in the last three months.
For the month ended Dec. 27, the company said total drugstore
sales rose 4.9% to $2.21 billion.
Rite Aid's December same-store-sales growth came in above
November's increase of 5.1%. The pharmacy business posted a 7.3%
rise in same-store sales, including a negative impact of 1.23
percentage points from new generic-drug introductions, as the
prescription count rose 5.1%.
Rite Aid, the nation's No. 3 drugstore chain, operates roughly
4,570 stores. Like other chains, Rite Aid has adjusted its
offerings in an effort to broaden its business model as the
pharmacy and drugstore industry expands into the health and
wellness sector.
In the front of the store, comparable sales rose 1.7% in
December.
Rite Aid's results mirror those of the newly-renamed Walgreen
Boots Alliance Inc., formerly Walgreen Co. Last month, the company
posted better-than-expected results in its November quarter,
boosted by strong pharmacy sales and cost cuts.
Walgreen also is relying on higher margins from selling items
such as beauty products in the front end of the stores, as lower
drug-reimbursement rates and higher costs for generic drugs weigh
on profits.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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