On Thursday, Shares of Rite Aid Corporation (NYSE:RAD), lost -3.59% to $8.60.
Rite Aid Corporation, stated operating results for its fiscal first quarter ended May 30, 2015. The company stated revenues of $6.6 billion, net income of $18.8 million or $0.02 per diluted share, and Adjusted EBITDA of $299.3 million, or 4.5 percent of revenues.
First Quarter Summary
Revenues for the quarter were $6.6 billion as compared to revenues of $6.5 billion in the preceding year’s first quarter. Revenues raised 2.8 percent primarily as a result of an enhance in same store sales.
Same store sales for the quarter raised 2.9 percent over the preceding year, compriseing of a 0.6 percent enhance in front-end sales and a 3.9 percent enhance in pharmacy sales. Pharmacy sales comprised of an approximate 165 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores raised 1.6 percent over the preceding year period. Prescription sales accounted for 69.1 percent of total drugstore sales, and third party prescription revenue was 97.7 percent of pharmacy sales.
Net income was $18.8 million or $0.02 per diluted share contrast to last year’s first quarter net income of $41.4 million or $0.04 per diluted share. The decline in net income resulted primarily from interest and other incremental pre-tax costs of $36.0 million, or $0.02 per share on an after-tax basis, incurred in connection with the company’s pending acquisition of EnvisionRx. These incremental costs were partially offset by an enhance in Adjusted EBITDA.
Adjusted EBITDA (which is reconciled to net income on the attached table) was $299.3 million or 4.5 percent of revenues for the first quarter contrast to $282.6 million or 4.4 percent of revenues for the like period last year. Adjusted EBITDA improved due to an enhance in front-end and pharmacy gross profit, partially offset by an enhance in selling, general and administrative expenses related to our higher level of sales, clinic expansion and the roll-out of the Plenti program.
Rite Aid Corporation, through its auxiliaries, operates a chain of retail drugstores in the United States. The company sells prescription drugs and a range of other merchandise, counting over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
Financial stocks were broadly higher Thursday’s afternoon with the NYSE Financial Sector Index nearly 0.7% and the S&P Financial 100 Index also climbing 0.7%.
Among financial stocks, Shares of Regions Financial Corporation (NYSE:RF), inclined 0.57% to $10.50, during its last trading session.
Regions Bank declared that Nicole Elmore, branch manager in Denham Springs, Louisiana, is the June 2015 recipient of the Regions Bank Better Life Award. The Better Life Award is the top honor given to a Regions associate for outstanding dedication and job performance, as well as exemplary involvement and commitment to the community.
In addition to the recognition, Regions donates $1,000 in the name of the recipient to a nonprofit organization of the winner’s choice. Elmore chose the Pilot Club of Denham Springs. She is assisting the group raise funds to build a baseball field for the local Challenger recreation division, which provides opportunities for special needs children to take part in sports.
Elmore is a member of the current Leadership Livingston class through her local chamber of commerce. Her classmates are working with her to fund-raise for the Challenger field. They hope to reach their aim soon.
Regions Financial Corporation, together with its auxiliaries, provides banking and bank-related services to individual and corporate customers in the United States. Its Corporate Bank segment offers commercial banking services, such as commercial and industrial, commercial real estate, and investor real estate lending, in addition to equipment lease financing services.
Finally, Pier 1 Imports, Inc. (NYSE:PIR), ended its last trade flat, and closed at $12.
Pier 1 Imports, stated financial results for the first quarter ended May 30, 2015.
First Quarter Fiscal 2016 Results
For the first quarter ended May 30, 2015, the Company stated net income of $6.9 million, or $0.08 per share, contrast to last year’s first quarter net income of $15.1 million, or $0.16 per share. Total sales for the first quarter raised 3.1% (3.9% on a constant currency basis after adjusting for an 80 basis point impact attributable to the year-over-year devaluation of the Canadian Dollar) to $432.0 million, contrast to $419.1 million in the same period last year. Company comparable sales raised 2.0% (2.8% on a constant currency basis).
Merchandise margin (the result of adding back delivery, fulfillment and store occupancy costs to gross profit) in the first quarter totaled $248.0 million, or 57.4% of total sales, contrast to $246.4 million, or 58.8% of total sales in the first quarter of fiscal 2015. As declared in the Company’s fiscal 2015 year-end earnings press release and accompanying conference call, the incremental costs related to the Company’s distribution network, which were predictable to affect this year’s first and second quarters, pressured merchandise margin during the period. Gross profit in the first quarter totaled $164.7 million, or 38.1% of total sales, contrast to $167.7 million, or 40.0% of total sales in the first quarter of fiscal 2015. For the period ended May 30, 2015, contribution from operations totaled $84.8 million, contrast to $91.4 million during the same period last year.
Fiscal 2016 first quarter selling, general and administrative expenses were $138.7 million, or 32.1% of total sales, contrast to $131.5 million, or 31.4% of total sales a year ago. The following table details the breakdown of selling, general and administrative expenses for the first quarter of fiscal 2016 as contrast to the same period last year (in millions).
Pier 1 Imports, Inc. engages in the retail sale of decorative home furnishings, furniture, gifts, and related items. The company offers decorative accents and textiles, such as rugs, wall decorations and mirrors, pillows, bedding, lamps, vases, dried and artificial flowers, baskets, ceramics, dinnerware, candles, fragrance, gift, and seasonal items. It also provides furniture and furniture cushions that are used in living, dining, office, kitchen, bedroom areas, sunrooms, and patios.
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