This is the fourth location in Rite Aid's pilot program aimed at increasing access to pharmacy services in rural Virginia communities.
Meanwhile, Rite Aid recently reported operating results for its fourth quarter and fiscal year ended March 4. For Q4, the company reported a net loss of $241.3 million, or $4.39 loss per share, adjusted net loss of $68.2 million, or $1.24 loss per share, and adjusted EBITDA of $128.6 million, or 2.1% of revenues. For the full year, the company experienced a net loss of $749.9 million, or $13.71 loss per share, adjusted net loss of $174.3 million, or $3.19 loss per share, and adjusted EBITDA of $429.2 million, or 1.8% of revenues. The fiscal 2023 Q4 and full year results benefited from an extra week in fiscal 2023.
Revenues for the quarter were $6.09 billion compared to revenues of $6.07 billion in the prior year’s quarter. Revenues for the fiscal year were $24.1 billion compared to $24.6 billion in the prior year.
The drug store chain expects its adjusted EBITDA to be higher in the second half of fiscal 2024 due to timing of its performance acceleration and cost reduction initiatives. The company also expects those initiatives to drive adjusted EBITDA growth in fiscal 2025 and 2026.
Rite Aid says it's working to define the modern pharmacy by meeting customer needs with a wide range of convenient vehicles, including retail and delivery pharmacy, as well as services offered through its wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog.
Employing more than 6,300 pharmacists, Philadelphia-based Rite Aid operates 2,300-plus retail pharmacy locations across 17 states. The company is No. 21 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America.