Rite Aid Corporation RAD reported first-quarter fiscal 2021 results, wherein loss was narrower than expected, while sales beat the Zacks Consensus Estimate. Both metrics improved year over year. The company gained market share and grew double digits in front-end sales as it kept stores open amid the coronavirus outbreak and enhanced its digital capabilities to provide essential services to customers.
Solid growth in prescription deliveries to the tune of 86%, driven by free home delivery services as well as a sturdy performance at Elixir, also contributed to the quarterly results. Further, it noted that the new RxEvolution strategy is on track.
Despite better-than-expected first-quarter results, management did not provide any guidance for fiscal 2021 due to continued uncertainty in relation to the COVID-19 pandemic. It also anticipates possible adverse impacts on acute prescription volumes, SG&A expenses and Pharmacy Services Segment memberships.
Rite Aid Corporation Price, Consensus and EPS Surprise