UPDATE: Rite Aid Reports First Quarter Fiscal 2012 Results

Rite Aid Corporation RAD today reported financial results for the first quarter ended May 28, 2011. The company reported revenues of $6.4 billion, a net loss of $63.1 million or $0.07 per diluted share and Adjusted EBITDA of $262.9 million or 4.1 percent of revenues. Results benefited from continued growth in same store sales and a decrease in selling, general and administrative expenses partially offset by a decline in gross margin. Revenues for the 13-week quarter were $6.4 billion, flat to $6.4 billion in last year's first quarter. Revenues were positively impacted by an increase in same store sales, which were offset by store closings. Same store sales for the quarter increased 0.8 percent over the prior-year period. Front-end same store sales were flat compared to the prior-year period while pharmacy same store sales increased 1.1 percent. Pharmacy sales included an approximate 145 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores increased 0.4 percent over the prior year period. Prescription sales accounted for 68.7 percent of total drugstore sales, and third party prescription revenue was 96.5 percent of pharmacy sales.