Welcome to our dedicated page for Rite Aid Corporation news (Ticker: RAD), a resource for investors and traders seeking the latest updates and insights on Rite Aid Corporation stock.
Rite Aid Corporation (symbol: RAD) is a prominent American drugstore chain headquartered at 7189 Henry Clay Blvd, Liverpool, New York. As one of the leading retail pharmacy chains in the United States, Rite Aid operates a vast network of stores offering a wide range of health and wellness products, including prescription medications, over-the-counter drugs, health and beauty aids, and seasonal merchandise.
Rite Aid's core business revolves around providing comprehensive pharmacy services to its customers, focusing on improving healthcare outcomes. The company offers an array of pharmacy-related services such as immunizations, medication therapy management, and wellness programs. Additionally, Rite Aid's loyalty program, Wellness+ Rewards, allows customers to save on purchases while receiving personalized health and wellness tips.
In recent years, Rite Aid has placed significant emphasis on expanding its digital presence to enhance customer convenience. This includes the development of a user-friendly mobile app and a robust online platform for prescription refills, telehealth consultations, and same-day delivery options. These initiatives aim to adapt to the evolving healthcare landscape and meet the growing demand for digital health services.
Financially, Rite Aid is actively working towards stabilizing its operations and improving profitability. The company has been adjusting its store portfolio, closing underperforming locations, and investing in high-potential markets. Recent strategic partnerships with healthcare providers like Carenet Health aim to strengthen Rite Aid's service offerings and provide integrated healthcare solutions to its customer base.
Rite Aid's commitment to community health is evident through its various social responsibility programs. The company regularly participates in community health fairs, provides free health screenings, and supports local initiatives aimed at improving public health and wellness.
Rite Aid reported a net loss of $538 million, or $9.96 per share, for the fiscal year ended February 26, 2022, sharply up from $100 million the previous year.
Despite this, full-year revenues increased by $525 million to $24.6 billion, primarily driven by a 12% increase in pharmacy sales.
The company generated $379 million in operating cash flow and reduced its net debt by $212 million, resulting in an improved leverage ratio from 6.7 to 5.4 times.
Guidance for Fiscal 2023 expects adjusted EBITDA between $460 million and $500 million, supported by a cost rationalization program targeting $170 million in savings.
Rite Aid (NYSE: RAD) now offers Medicare Part B beneficiaries access to up to eight free over-the-counter COVID-19 tests each month. Starting April 4, 2022, eligible customers can obtain these tests at any Rite Aid location or online, utilizing their Medicare card. This initiative continues through the COVID-19 public health emergency. Rite Aid's commitment to community health has included providing various health tools during the pandemic, affirming its role as a key healthcare resource.
On March 30, 2022, Rite Aid (NYSE: RAD) announced it will administer second booster shots of the Pfizer and Moderna COVID-19 vaccines for eligible individuals, following CDC and FDA approval. Individuals aged 50 and older and certain immunocompromised individuals aged 12 and older can receive these boosters. Rite Aid has administered over 15 million COVID-19 vaccinations and encourages all eligible individuals to get vaccinated. Customers can schedule appointments online or walk in for vaccinations at approximately 2,450 locations across 17 states.
Rite Aid Corporation (NYSE: RAD) is set to release its financial results for Fiscal 2022's Fourth Quarter ending February 26, 2022, on April 14, 2022. An analyst call will follow at 8:30 a.m. Eastern Time, with management providing insights. The call will be accessible online, and listeners can access a telephone replay starting at 12 p.m. on April 14 until May 14, 2022. Rite Aid operates over 2,450 retail pharmacy locations across 17 states, emphasizing health care coordination and personalized services for families.
Rite Aid Corporation (NYSE: RAD) announced a restructuring of its management team aimed at streamlining operations and reducing costs. The changes include the elimination of the COO position, leading to the departure of Jim Peters and Jocelyn Konrad. Karen Staniforth, previously Senior VP, will now serve as Chief Pharmacy Officer. Andre Persaud will oversee field and front-end pharmacy operations. The adjustments are part of Rite Aid's strategy to enhance its pharmacy services and engage better with customers, according to CEO Heyward Donigan.
Rite Aid (NYSE:RAD) has launched Rite Aid Rewards, a new customer loyalty program enhancing shopping experiences and rewards. Members earn points for purchases and prescriptions, convert them into BonusCash, and enjoy personalized challenges. For every $1 spent, members gain 10 points, redeemable at 1,000 points for $2. The program replaces the previous wellness+ Rewards and provides members-only pricing, instant promotions, and special benefits for seniors. Current wellness+ customers are automatically enrolled, with their BonusCash remaining intact.
Bartell Drugs, a subsidiary of Rite Aid Corporation (NYSE: RAD), has partnered with Higi, a subsidiary of Babylon (NYSE: BBLN), to introduce enhanced health self-screening stations across 50 Bartell's locations in the Puget Sound area. These stations provide free assessments for various health risks, including hypertension and diabetes, and promote health awareness and education. This initiative coincides with National Heart Month and builds on a five-year partnership between Rite Aid and Higi, aimed at empowering customers to manage their health more effectively.
Rite Aid is now offering free N95 masks at many locations nationwide, with expectations to be available at most stores this week. Customers can pick up three masks each while supplies last. Additionally, Rite Aid has increased availability of at-home COVID-19 test kits, which are now reimbursable through private health insurance. The company has administered over 14 million COVID-19 vaccinations and continues to promote vaccination and booster shots as crucial in combating the pandemic.
Rite Aid Corporation (NYSE: RAD) reported a third-quarter revenue increase of 1.8% to $6.23 billion but faced a net loss of $36.1 million, or $0.67 per share, compared to a net income of $4.3 million, or $0.08 per share, last year. Adjusted EBITDA rose 12.7% to $154.8 million. The firm has initiated a store closure program, targeting 63 stores for closure, aiming for an annual EBITDA benefit of about $25 million. Due to strong momentum, Rite Aid raised its fiscal 2022 Adjusted EBITDA guidance to between $500 million and $520 million.
Rite Aid Corporation (NYSE: RAD) announced it will release its Fiscal 2022 Third Quarter financial results on December 21, 2021. An analyst call will take place at 8:30 a.m. ET, featuring management's remarks, and will be available via webcast on its investor relations website. A replay of the call will be accessible from 12:00 p.m. ET on the same day until 11:59 p.m. ET on January 21, 2022.
Rite Aid operates over 2,500 pharmacy locations across 17 states, focusing on providing affordable healthcare services.
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