Rite Aid Fiscal 2022 First Quarter Results Mixed

 

• Revenues from Continuing Operations Increased 2.2 Percent to $6.16 Billion Compared to Prior Year First Quarter Revenues from Continuing Operations of $6.03 Billion

• Approximately 4.7 Million COVID-19 Vaccines Administered in First Quarter

• First Quarter Net Loss from Continuing Operations of $13.1 Million or $0.24 Per Share, Compared to the Prior Year First Quarter Net Loss of $72.7 Million or $1.36 Per Share

• First Quarter Adjusted Net Income from Continuing Operations of $20.9 Million or $0.38 Per Share, Compared to the Prior Year First Quarter Adjusted Net Loss of $2.0 Million or $0.04 Per Share

• First Quarter Adjusted EBITDA from Continuing Operations of $138.9 Million, Compared to the Prior Year First Quarter Adjusted EBITDA of $107.4 Million

• Company Provides Fiscal 2022 Outlook: The company’s outlook for fiscal 2022 is based on the following key assumptions:
  • No assumed benefit for additional COVID-19 boosters or for vaccinations of children under 12.
  • Acute scripts and front end OTC sales will be below historical levels as we do not expect a full recovery in cough, cold and flu results.
  • The markets in which our retail stores operate will not be subject to lockdowns caused by COVID-19.
  • Continued reimbursement rate pressure in our retail pharmacy business.
  • A decrease in Elixir revenues due to the loss of a large customer account and the planned reduction in Medicare Part D lives.
  • Improved Elixir EBITDA margin due to continued strong network and rebate management, offset by pressure from an increase in medical loss ratio tied to the company’s Medicare Part D business.
  • Increased investment at Elixir in personnel and technology spend to drive future sales and to develop a more efficient operating platform.
  • Increased investments in retail wages in to drive improved customer satisfaction and revenue.

  Total revenues are expected to be between $25.1 billion and $25.5 billion in fiscal 2022. Pharmacy Services Segment revenue is expected to be between $7.9 billion and $8.0 billion (net of any intercompany revenues to the Retail Pharmacy Segment).

  Net loss is expected to be between $175 million and $138 million.

  Adjusted EBITDA is expected to be between $440 million and $480 million.

  Adjusted net loss per share is expected to be between $0.79 and $0.24.

  Capital expenditures are expected to be approximately $300 million.

  Conference Call Broadcast

  Rite Aid will hold an analyst call at 8:30 a.m. Eastern Time today with remarks by Rite Aid's management team. The call will be broadcast via the Internet at https://investors.riteaid.com. The telephone replay will be available beginning at 12:00 p.m. Eastern Time on Thursday, June 24, 2021 and ending at 11:59 p.m. Eastern Time on July 24, 2021. To access the replay of the call, telephone (800) 585-8367 or (416) 621-4642 and enter the seven-digit reservation number 3989887. The webcast replay of the call will also be available at https://investors.riteaid.com starting at 12 p.m. Eastern Time today. The playback will be available until the company’s next conference call.

https://www.businesswire.com/news/home/20210624005467/en/Rite-Aid-Corporation-Reports-Fiscal-2022-First-Quarter-Results