Key Developments: Rite Aid Corp (RAD.N)
2.79USD
1 Jul 2013
$-0.07 (-2.45%)
$2.86
$2.85
$2.86
$2.74
4,078,209
3,631,263
$3.21
$0.95
Latest Key Developments (Source: Significant Developments)
Rite Aid Corp Appoints Ken Martindale As President
Rite Aid Corp announced that its Board of Directors has promoted Ken Martindale, who is currently senior executive vice President and Chief Operating Officer, to President and Chief Operating Officer. Rite Aid Chairman, President and CEO John Standley will continue as the Company`s Chairman and CEO. The promotion of Martindale, who continues to report to Standley, is effective immediately. Full Article
Rite Aid Corp Reaffirms FY 2014 Revenue And Comparable Same Store Sales Guidance; Raises Low End Of Prior FY 2014 EBITDA Guidance; Lowers FY 2014 Net Income Guidance
Rite Aid Corp announced that for fiscal 2014, it expects sales to be between $24.9 billion and $25.3 billion and same store sales to range from a decrease of 0.75% to an increase of 0.75% compared to fiscal 2013. Adjusted EBITDA (which is reconciled to net income/loss on the attached table) guidance is expected to be between $1.090 billion and $1.175 billion and net income is expected to be between $22.0 million and $162.0 million or $0.01-$0.16 per diluted share. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $25.2 billion, net income of $189 million and EPS of $0.17 for fiscal 2014. Full Article
Provision Holding Inc's Subsidiary Announces Partnership Agreement With Rite Aid Corporation For In-Store 3D Rewards Center
Provision Holding Inc announced that Provision Interactive Technologies, Inc., a subsidiary of Provision Holding, Inc. announced that it has entered into a multi-year partnership with Rite Aid Corporation to install their 3D Reward Centers kiosks inside select Rite Aid stores. These kiosks generate eye-popping, 3D holographic videos as well as exclusive wellness+ information and Rite Aid promotions. The first phase of implementation will begin with 200 Rite Aid stores in the Los Angeles and New York markets, following a completed pilot of 10 stores in these markets last year. Under the agreement, the first phase will include the integration of Rite Aid's wellness+ customer loyalty program, allowing wellness+ members to access their account details and load digital coupons to their cards for instant savings while in these select Rite Aid stores. Following the successful integration of wellness+ in Provision kiosks at 200 stores, the parties will work cooperatively to implement a phased rollout schedule for additional stores. Full Article
Acacia Research Corp's Subsidiary Enters Into License Agreement With Rite Aid Corp
Acacia Research Corp announced that Express Card Systems LLC subsidiary has entered into a settlement and license agreement with Rite Aid Corporation. The agreement resolves litigation that was pending in the United States District Court for the Eastern District of Texas. Full Article
Rite Aid Corp Issues FY 2014 Guidance; Net Income Guidance Above Analysts' Estimates; Comments On FY 2014 Same Store Sales Guidance
Rite Aid Corp announced that for fiscal 2014, is based on the anticipated benefit of its wellness remodels, customer loyalty program and other initiatives to grow sales and drive operational efficiencies. The Company's outlook also considers the cycling of the prescriptions from the Walgreens/Express Scripts dispute, planned wage and benefit increases, the softening impact of new generic introductions and a challenging reimbursement rate environment. The Company expects sales to be between $24.9 billion and $25.3 billion with same store sales expected to range from a decrease of 0.75% to an increase of 0.75% over fiscal 2013. Adjusted EBITDA (which is reconciled to net income on the attached table) is expected to be between $1.075 billion and $1.175 billion, net income to be between $45 million and $200 million or income per diluted share of $0.04 to $0.20 in fiscal 2014. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $25.1 billion, EBITDA of $1.091 billion, net income of $38 million and EPS of $0.04 for fiscal 2014. Full Article
Rite Aid Corp Narrows FY 2013 Revenue Guidance To A Range Below Analysts' Estimates; Raises FY 2013 Earnings Guidance
Rite Aid Corp updated fiscal 2013 guidance with sales expected to be between $25.150 billion and $25.300 billion and same store sales to range from a decrease of 0.90% to a decrease of 0.30% compared to fiscal 2012. The Company has raised Adjusted EBITDA (which is reconciled to net loss/income on the attached table) guidance to be between $1.050 billion and $1.075 billion and its net loss/income guidance to be between a net loss of $38 million or $0.05 per diluted share and net income of $33 million or $0.03 per diluted share. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $25.358 billion, EBITDA of $1.015 billion, net income of $(134) million and EPS of $(0.15) for fiscal 2013. Full Article
Rite Aid Corp Lowers FY 2013 Revenue Guidance; Reaffirms FY 2013 EBITDA Guidance; Raises FY 2013 Net Loss Guidance
Rite Aid Corp updated sales, adjusted EBITDA and net loss guidance for fiscal 2013, with sales expected to be between $25.1 billion and $25.4 billion and same store sales to range from a decrease of 1.0% to an increase of 0.25% compared to fiscal 2012. The reduction in the company's sales and same store sales guidance is driven by a projected 650 basis points negative impact of new generic introductions on pharmacy same store sales and continued reimbursement rate pressure. The Company has also raised the lower end of its Adjusted EBITDA (which is reconciled to net loss on the attached table) guidance to be between $965 million and $1.025 billion and its net loss guidance to be between $69 million and $196 million or a loss per diluted share of $0.09 to $0.23. Capital expenditures are expected to be approximately $300 million. Full Article
Rite Aid Corporation Lowers FY 2013 Revenue And Same Store Sales Guidance; Raises Low End Of Prior FY 2013 EBITDA Guidance; Raises High End Of Prior FY 2013 Net Income And EPS Guidance
Rite Aid Corporation updated fiscal 2013 guidance and expects sales expected to be between $25.3 billion and $25.7 billion and same store sales to range from a decrease of 0.5% to an increase of 1.0% over fiscal 2012. The Company expects fiscal 2013 adjusted EBITDA guidance to be between $950 million and $1.025 billion and its net loss guidance to be between $103 million and $248 million or a loss per diluted share of $0.13 to $0.29. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $25.5 billion, EBITDA of $999 million, net income of $(174) million and EPS of $(0.20) for fiscal 2013. Full Article
Rite Aid Corporation And Assistant Store Managers And Co Managers Reach Settlement In Wage And Hour Class Action Lawsuits
Rite Aid Corporation and its subsidiaries and plaintiffs’ counsel in fifteen wage and hour collective and class action lawsuits announced that they have reached a global settlement in these lawsuits which involve the alleged misclassification of Rite Aid’s salaried assistant store managers and co-managers and seek overtime pay for hours worked in excess of 40 hours per week. Plaintiffs contended that overtime pay was required by the Fair Labor Standards Act and the laws of certain states. Under the terms of the global settlement, which is subject to court approval, the Company has agreed to pay up to $20.9 million to resolve the allegations and avoid further distraction from litigation that has been ongoing for the past four years. The settlement amount resolves claims for damages dating back as far as 2002 for some of the settlement class members and covers more than 6,000 current and former associates. Full Article
CVS Caremark Corporation, Rite Aid Corporation Sue Pfizer Inc And Teva Pharmaceutical Industries Ltd Over Depression Drug-Reuters
Reuters reported that CVS Caremark Corporation and Rite Aid Corporation filed an antitrust lawsuit accusing Pfizer Inc and Teva Pharmaceutical Industries Ltd of conspiring to keep generic versions of antidepressant Effexor XR off store shelves. The lawsuit escalates court battles over alleged delays in the launching of generic versions of Effexor XR. It comes just six months after several other large retailers filed an antitrust lawsuit making similar claims. In a complaint filed with the federal court in Trenton, New Jersey, CVS and Rite Aid accused Pfizer's Wyeth unit of scheming to block generic versions of Effexor XR for at least two years after its marketing rights to the original compound lapsed in June 2008. They said Wyeth did this by obtaining fraudulent patents, engaging in sham litigation against Teva and 16 other generic drug makers, and scheming with Teva to keep cheaper generic equivalents off the market and prolong Teva's generic exclusivity rights. U.S. sales of Effexor XR topped $2.5 billion annually during this period, they said. Effexor XR is used to treat depression and anxiety disorders. Its chemical name is venlafaxine hydrochloride. The case is Rite Aid Corp et al. v. Wyeth Inc et al, U.S. District Court, District of New Jersey, No. 12-03523. Full Article
Rite Aid posts third straight quarterly profit
- Rite Aid Corp , the No. 3 U.S. drugstore chain, posted its third consecutive quarterly profit on Thursday, helped by sales of higher-margin generic drugs.
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