Yahoo Finance Rite Aid says pharmacy sales grew in February
Rite Aid says sales improved in February as measurement of pharmacy sales gained strength
NEW YORK (AP) -- Drugstore operator Rite Aid said Thursday its sales improved in February as pharmacy sales grew.
The Camp Hill, Pa., company said its total sales rose 2.4 percent to $2.52 billion over the five weeks that ended March 1. A key measurement, sales at stores open at least a year, grew 1.5 percent.
Sales at stores open at least a year is considered an important measurement of retailer performance because it excludes results from stores that opened or closed within the last year. At stores open for at least one year, Rite Aid said pharmacy revenue increased 3.1 percent. Sales of "front end" non-pharmacy items declined 1.8 percent because of reduced sales of over-the-counter flu products.
March 1 was the end of Rite Aid Corp.'s fiscal fourth quarter. The company said its drugstore revenue for the period rose 2.2 percent to $6.57 billion. Revenue at stores open at least a year grew 2.1 percent, with 3.5 percent growth in pharmacy revenue in those locations.
In fiscal 2013 the company's drugstore sales increased 0.5 percent to $25.41 billion. Sales at stores open at least a year rose 0.7 percent.
Rite Aid had 4,587 stores on March 1, down from 4,623 a year ago.
Shares of Rite Aid fell 11 cents to $6.62 in morning trading.
