Last week, drugstore retailer Rite Aid
For the month, Rite Aid increased total sales by 2.2% to $1.7 billion, with same-store sales gaining 1.7%. Pharmacy comps were up 1.9% but were held back by about 6.5% as a result of new generics. The company's growth of quarterly sales was pretty similar to its monthly numbers. Overall sales increased 2.8% to $4.4 billion, while comps gained 2.3%. Once again, the 2.7% climb in pharmacy comps was hampered by a 5.9% negative impact from new generics.
Although Rite Aid is heading in the right direction, it still has a long way to go if it expects to truly compete with big boys Walgreen
In the battle for drugstore supremacy, there's little doubt that Rite Aid is in third place, trailing Walgreen and CVS. However, the fact that Rite Aid can now be mentioned alongside those powerhouses can be considered an achievement in itself.
For the latest on the health of the drugstores, check out:
Want some new stock ideas? Learn more about what our rated Motley Fool CAPS players -- now 30,000 strong -- think of the company you're interested in.