Rite Aid Shutting Down More Than 60 Stores

On Tuesday, the drugstore chain Rite Aid announced it will be shutting down a minimum of 63 stores.

According to CNBC, the chain said it will be closing the stores due to a continuing review and it expects to discover more stores to shut down in the coming months.

The company released its earnings report, stating, in part: 

• Revenues from Continuing Operations Increased 1.8 Percent to $6.23 Billion Compared to Prior Year Third Quarter Revenues from Continuing Operations of $6.12 Billion 
• Third Quarter Net Loss from Continuing Operations of $36.1 Million or $0.67 Per Share, Compared to the Prior Year Third Quarter Net Income of $4.3 Million or $0.08 Per Share 
• Third Quarter Adjusted Net Income from Continuing Operations of $8.2 Million or $0.15 Per Share, Compared to the Prior Year Third Quarter Adjusted Net Income of $21.6 Million or $0.40 Per Share

“We delivered a solid quarter as we grew Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] by 12.7 percent versus last year,” said Heyward Donigan, the president and chief executive officer of Rite Aid. “Despite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services, which clearly demonstrates our Lean work to free up capacity is paying off.”  – READ MORE