Rite Aid sees revenues increase in Q4 and full fiscal 2022

Pharmacy retailer Rite Aid has released its fiscal results for its fourth quarter and fiscal year ended Feb. 26, 2022.

“We exceeded our 2022 plan amid continuing challenges of the COVID-19 pandemic. As we look forward to the year ahead, we are ready and energized to compete in a new post-pandemic normal,” said Heyward Donigan, president and CEO of Rite Aid. “We demonstrated the important role that pharmacists play in the everyday health of our customers and are well positioned to grow in a trillion-dollar pharmacy market through our continued leadership as a full-service pharmacy company.”

In the most recent quarter, Rite Aid reported revenue from continuing operations increased from $5.9 billion last year to $6.06 billion this year. The company reported net loss from continuing operations of $389.1 million, or $7.18 loss per share, Adjusted Net Loss from continuing operations of $88.6 million, or $1.63 loss per share, and Adjusted EBITDA from continuing operations of $106.1 million, or 1.8 percent of revenues.

For fiscal 2022, Rite Aid reported an increase from the previous year of $525 million to $24.6 billion, with pharmacy sales increasing 12%.

Looking ahead to fiscal 2023, Rite Aid said it seeks growth driven by changes in its loyalty program, along with greater own brand penetration.

“Total revenues are expected to be between $23.1 billion and $23.5 billion in fiscal 2023,” said the company. “Retail Pharmacy Segment revenue is expected to be between $17.7 billion and $18.0 billion and Pharmacy Services Segment revenue is expected to be between $5.4 billion and $5.5 billion."