Rite Aid Sales Disappoint
Bankruptcy Coverage on Rite Aid is Available | Call Trade Risk Strategies: 1-844-315-4985
If you are thinking about buying bankruptcy coverage on Rite Aid, we can help. Sales revenue for the retailer dropped in September , while most retailers were up significantly (4%-10%).
The performance of Rite Aid is questionable, particularly with 4.7 billion in debt.
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Rite Aid shares dropped upon the news this afternoon after loss estimate projections for 2011 were revealed. Shares fell to $0.97. The struggling retailer reported a second quarter loss of .23 per share due to its exorbitant health care costs and its attempt to retire large debt loads.
Since 2007, Rite Aid has been saddled with $4.7 billion in debt and it has been further brought down by its acquisition of Brooks and Eckerd drug chain. With the untimely downturn in the US economy, these events have created difficult times for the struggling retailer.
With many stores closing, and its continued efforts to pay down debt and build its private-label brand, the retailer is trying innovative ways to improve sales including store remodeling and customer rewards and perks.
The company is opening a new store concept in South Carolina combining its own products with grocery retailer Sav-A-Lot in about 10 locations to kick off the concept. Rite Aid also expects its various sales initiatives such as immunization training to aid a number of Rite Aid pharmacists providing vaccinations that is expected to help drive the sales of the company in the long term
Rite Aid runs 4,747 stores in 31 states.
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