Rite Aid reports decrease in same-store sales

CAMP HILL, Pa. Rite Aid on Thursday reported a same-store sales decrease of 0.7% for the four weeks ended March 28.

The sales were negatively impacted by a shift in the Easter holiday from March 23 in 2008 to April 12 this year, the retailer noted.

March front-end same store sales decreased 6.3% while pharmacy same-store sales, which included an approximate 367 basis points negative impact from new generic introductions, increased 2%.

For the four weeks ended March 28, same-store sales excluding the acquired Brooks/Eckerd stores increased 0.2%, with front-end same-store sales decreasing 6% and pharmacy same-store sales increasing 3.7%.

At the acquired Brooks/Eckerd stores, same-store sales declined 2.5% over the prior-year period with front-end same store sales decreasing 7.3% and pharmacy same-store sales decreasing 0.9%.

Total drug store sales for the four-week period decreased 2.3% to $2 billion. Prescription revenue accounted for 69.3% of drug store sales, and third-party prescription revenue represented 96.4% of pharmacy sales.