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Rite Aid: Rite Aid Corporation
built 200 days ago
Although Rite Aid Corporation was not formally incorporated until 1968, it got its start a few years earlier through Rack Rite Distributors, Inc., developed by Alex Grass, Rite Aid's founder and later chairman and chief executive officer. Grass had founded Rack Rite in 1958 to provide grocery stores with health and beauty aids, as well as other nonfood products. In 1962 U.S. federal legislation repealed the fair trade laws that fixed minimum retail prices on most products, opening up the door to discount stores, price wars, and vigorous competition. Quick to take advantage of the situation, Rite Aid opened its first discount drugstore in 1962 in Scranton, Pennsylvania. Called the Thrif D Discount Center, this was the forerunner of the modern Rite Aid drugstores.
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Rite Aid Corporation, incorporated in 1968, is a retail drugstore chain in the United States. The Company operates its drugstores in 27 states across the United States and in the District of Columbia. As of March 3, 2007, it operated 3,333 stores. In its stores, the Company sells prescription drugs and an assortment of other merchandise, which it calls front-end products. Front end products include over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, beverages, convenience foods, greeting cards, seasonal merchandise and numerous other everyday and convenience products, as well as photo processing. It offers approximately 3,000 products under the Rite Aid private brand.
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Rite Aid Corporation (RAD), Walgreen Company (WAG) and CVS Caremark Corporation (CVS) fell more than 6% each after all three reported December sales that missed Wall Street estimates. Macke isn’t a fan of these stocks. YRC Worldwide Inc. (YRCW) fell 11% after the company reported it will take up to $800 million in fourth-quarter acquisition charges. Najarian says why own this stock? Panera Bread Company (PNRA) fell 10% after the company reported a 1.2% decline in fourth-quarter same-stores sales. Najarian would look to buy it in the $30’s.
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Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States and District of Columbia. Its retail stores primarily provide pharmacy services. The company sells prescription drugs and various front-end products. It offers approximately 26,000 front-end products, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, beverages, convenience foods, greeting cards, seasonal merchandise, and various everyday and convenience products, as well as photo processing. The company offers its products under Rite Aid private brand. It serves customers covered by health plan contracts, which contract with third parties payors, such as insurance companies, prescription benefit management companies, governmental agencies, private employers, health maintenance organizations, or other managed care providers.
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During 1997 and 1998 the more than 1,300 Thrifty, PayLess, K&B, and Harco stores were converted to the Rite Aid banner. Many of the acquired stores were older, outdated stores, sorely in need of a remodeling. The company began a multiyear process of converting the units to the Rite Aid format. Some were expanded, while others were relocated--often shifting from a strip mall to a freestanding locale. In addition, Rite Aid opened a number of its new prototype stores; the chain wished to continue growing, but there were few opportunities left for large acquisitions. The corporation ... bolstered its advertising in 1998, spending $200 million that year, a 35 percent increase over the ad spending from a few years earlier.
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Rite Aid Corporation has agreed to pay $900,000 in civil penalties for failing to divest three drug stores in Maine and New Hampshire as required by a 1994 order issued by the Federal Trade Commission. Rite Aid agreed to issuance of that order to resolve antitrust concerns arising out of Rite Aid's acquisition of LaVerdiere Enterprises, Inc. Rite Aid was to have divested the drug stores, located in Bucksport and Lincoln, Maine, and Berlin, New Hampshire, in order to create competition for consumers in those three towns. According to the FTC, each of these small towns is located at least an hour from the next closest pharmacy and in each town the acquisition would have combined the only chain pharmacies providing pharmaceuticals at retail.
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Rite Aid Corporation