The retailer’s year-over-year sales increased 3.5% to $1.995 billion from $1.927 billion in June last year. Rite Aid’s same-store sales increased 3.9% YoY, beating analysts’ estimats of a 2.6% increase.
Front-end comparable sales rose 0.9% and pharmacy comparable sales increased 5.4%, beating estimates of a 0.7% increase and a 3.9% increase respectively.The pharmacy suffered a minor hit with sales decreasing by 1.69% due to the introduction of generic drugs.
Rite Aid’s drugstore sales increased 2.8% to $8.42 billion on a year-to-date basis from the same period last year.
Walgreens (WAG) also posted an impressive sales report with June sales increasing 8.9% year-over-year to $6.28 billion. The company’s same-store sales rose 7.5%, beating analysts’ estimate of a 6.8% rise.
RAD stock is up 5.58% Thursday afternoon. WAG stock is up 1.29%.
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