RITE AID Reports 6.0% Decrease in First Quarter FY2024 Revenue
July 12, 2023
🌥️Earnings Overview
RITE AID ($NYSE:RAD) released its earnings report for the first quarter of Fiscal Year 2024, as of May 31 2023, showing a total revenue of USD 5653.2 million, down 6.0% compared to the same period in the prior year. The company reported a net income of USD -306.7 million, a decrease of -110.2 million year-over-year.
Analysis
Analyzing Rite Aid‘s financials with GoodWhale can help investors make informed decisions regarding the company. GoodWhale gives Rite Aid a medium risk rating for financial and business aspects. This means that while there is some risk involved, it is not necessarily high risk. GoodWhale has also detected two risk warnings in the income sheet and balance sheet of Rite Aid. Investors can get more information about these warnings by registering on goodwhale.com. With the help of GoodWhale, investors can make an informed decision on whether to invest in Rite Aid or not. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Rite Aid. More…
| Total Revenues | Net Income | Net Margin |
| 23.73k | -946.46 | -1.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Rite Aid. More…
| Operations | Investing | Financing |
| -172.74 | -89.52 | 341.73 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Rite Aid. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.65k | 8.6k | -16.71 |
Key Ratios Snapshot
Some of the financial key ratios for Rite Aid are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.7% | -4.7% | -3.0% |
| FCF Margin | ROE | ROA |
| -1.6% | 56.1% | -5.8% |
Peers
The company operates through a network of approximately 4,600 stores in 31 states. Rite Aid Corp is the third largest pharmacy chain in the US. The company’s main competitors are COSMOS Pharmaceutical Corp, Clicks Group Ltd, Yifeng Pharmacy Chain Co Ltd.
– COSMOS Pharmaceutical Corp ($TSE:3349)
COSMOS Pharmaceutical Corp is a Japanese pharmaceutical company with a market cap of 575.37B as of 2022. The company’s return on equity is 10.84%. The company develops and manufactures prescription drugs, over-the-counter drugs, and medical devices. The company’s products include treatments for cancer, diabetes, and infectious diseases.
– Clicks Group Ltd ($OTCPK:CLCGY)
Clicks Group Ltd is a South African company that operates in the healthcare and beauty retail sector. The company operates through two segments: Retail and Supplies. The Retail segment comprises of Clicks, GNC, The Body Shop, and Musica. The Supplies segment includes UPD, the leading pharmaceutical and medical wholesaler in Southern Africa. Clicks Group Ltd has a market cap of 4.32B as of 2022. The company has a Return on Equity of 46.27%.
– Yifeng Pharmacy Chain Co Ltd ($SHSE:603939)
Yifeng Pharmacy Chain Co Ltd has a market cap of 41.14B as of 2022, a Return on Equity of 12.88%. Yifeng is a pharmacy chain in China with over 1,000 stores. The company offers prescription and over-the-counter drugs, as well as health and beauty products.
Summary
RITE AID‘s first quarter of FY2024 showed a dip in total revenue of 6.0%, to USD 5653.2 million, compared to the same period last year. Net income also took a hit, decreasing -110.2 million from the prior year, to USD -306.7 million. Investors should monitor the company’s performance going forward, as well as their plans for recovery, to determine if they are still a viable investment opportunity. Additionally, investors should use caution when considering investing in RITE AID and consider other investment options if seeking a higher return.
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