- Rite Aid Corp RAD has reported Q1 FY23 sales of 6.01 billion, down 2.4% Y/Y, beating the consensus of $5.75 billion.
- The company reported an EPS loss of $(0.60) compared to an income of $0.38 a year ago, driven by non-cash impairment charges and cycling prior-year COVID vaccination benefit.
- Retail Pharmacy Segment revenues decreased 0.1% Y/Y to $4.34 billion, driven by a reduction in COVID vaccine and testing revenue and store closures, offset by an increase in non-COVID prescriptions.
- Non-COVID same-store prescriptions increased 3.7%, with same-store maintenance prescriptions increasing 1.4% and other same-store acute prescriptions up 11.9%.
- Pharmacy Services Segment revenues declined 7.8% to $1.72 billion due to a planned decrease in Elixir Insurance membership and a previously announced client loss due to industry consolidation.
- Guidance: Rite Aid raised FY23 sales outlook to $23.6 billion - $24.0 billion compared to prior guidance of $23.1 billion - $23.5 billion and the consensus of $22.91 billion.
- The company expects Retail Pharmacy Segment revenue of $17.35 billion - $17.65 billion (previous guidance of $17.7 billion - $18.0 billion) and Pharmacy Services Segment revenue of $6.25 billion and $6.35 billion (earlier $5.4 billion - $5.5 billion).
- Rite Aid forecasts a higher net loss of $(246.3) million - $(203.3) million, with adjusted EPS loss anticipated at $(1.19) - $(0.66) vs. the consensus of $(1.41).
- Price Action: RAD stock is up 4.17% at $6.99 during the premarket session on the last check Thursday.
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