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Rite Aid: Companies
built 276 days ago
By 1984 Rite Aid started expanding beyond its core business. It bought American Discount Auto Parts (ADAP), a 32-store chain based in Avon, Massachusetts. It ... purchased Encore Books, Inc., a 19-store deep-discount bookstore chain in Philadelphia. In addition to these departures from the company's core business, Rite Aid acquired the three-store Nifty Norm's, Inc. of Philadelphia, the six-store Herrlich Drugstores, the five-store Remes Drug Stores, the 13-store Lippert Pharmacies, three State Vitamin stores of Michigan, the three-store Jay's Drugstores in western New York, and the 24-unit Muir Drug Store chain based in Grand Rapids, Michigan. In 1984 Rite Aid also spun off its subsidiary wholesale and grocery division, Super Rite, as an autonomous public company, selling a partial interest in its holdings for $22 million.
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Sales in Rite Aid stores open at least a year increased 0.7 percent -- lagging well behind larger competitors CVS/Caremark Corp. and Walgreen Co., as Rite Aid has for years. In the quarter, the company opened 12 new stores, relocated 21 and closed or sold 64. Stores in operation at the end of the quarter totaled 5,089 in 31 states and Washington, D.C.
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In 1979 Rite Aid acquired six U-Save stores in North Carolina and eastern Tennessee, as well as nine Shop Rite stores in the Hudson Valley. It redesigned its company logo and updated its store interiors, using mirrored canopies and bright colors throughout, while streamlining checkout counters in the process. In order to save time and money on West Virginia store openings and transportation costs among 140 of its existing stores, Rite Aid started up a 210,000-square-foot distribution center in Nitro, West Virginia. Moreover, the company set ambitious goals, such as increasing store count by 10 percent every year and continuing to open higher-margin pharmacies throughout its drugstore chain.
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Rite Aid Corp. reported sales results for the four weeks and forty seven weeks ended January 26, 2008. For the four weeks, the company reported same store sales increased 2.0% over the prior-year period. Pharmacy same store sales increased 2.0%, which included an approximate 428 basis points negative impact from new generic introductions. Front-end same store sales increased 2.0%. Total drugstore sales for the four-week period increased 51.8% to $1.996 billion compared to $1.315 billion for the same period last year. Prescription revenue accounted for 68.9% of drugstore sales, and third party prescription revenue represented approximately 95.9% of pharmacy sales.
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Rite Aid workers won't stand by and let the company become the Wal-Mart of the drug store industry. It's not fair to the workers or their customers. Creating a second class of poorly paid Rite Aid workers lowers the standards of all of its employees. That's bad for workers and communities. In the end, it's bad for Rite Aid and its stockholders.
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Rite Aid Corp. (RAD) opened at 3.03. So far today, the stock has hit a low of 2.85 and a high of 3.03. RAD is now trading at 2.96, up 0.17 (5.54%). The stock hit its 52 week high of 6.74 in April and set its 52 week low of 2.71 in December. RAD has been falling for most of the past year. Rite Aid shares have bounced back today after the company reported yesterday evening a larger-than-expected third quarter loss and cut its 2008 profit and sales outlooks.
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