Rite Aid June same-store sales fall 2.5 percent
DETROIT (Reuters) - Drugstore chain operator Rite Aid Corp (RAD.N) said June same-store sales fell 2.5 percent from last year as new generic drug introductions dragged on results.
The company said same-store sales in the front end, where general merchandise like milk, toothpaste and cosmetics is sold, fell 1.1 percent in the four weeks ended June 26, while pharmacy sales declined 3.1 percent, including a negative impact of about 1.57 percentage points due to new generic introductions.
Drugstore chains have been hurt as consumers dial back discretionary spending in the weak economy.
Rite Aid also said on Thursday that prescriptions filled on a same-store basis declined 3.7 percent.
The company said total sales in the four-week period fell 3.3 percent to $1.91 billion. Prescription revenue accounted for 67.4 percent of drugstore sales and third-party prescription revenue represented 96.3 percent of pharmacy sales.
On June 23, Rite Aid said same-store sales in the first-quarter fell 1 percent, including a decline of 1.3 percent in the front end and a decline of 0.9 percent in the pharmacy.
(Reporting by Ben Klayman in Detroit, editing by Dave Zimmerman)
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