Rite Aid Corporation (RAD) Q4 2023 net loss narrows

Drugstore chain Rite Aid Corporation (NYSE: RAD) announced fourth-quarter 2023 results, reporting a modest increase in revenues and a narrower net loss.

Fourth-quarter loss, excluding special items, improved to $1.24 per share from a loss of $2.24 per share in the same period of last year. On a reported basis, the net loss attributable to common stockholders was $241.3 million or $4.39 per share, compared to a loss of $389.1 million or $7.18 per share in the prior-year quarter.

Total revenues increased modestly to $6.09 billion in the fourth quarter from $6.07 billion in the corresponding period of 2022. Retail comparable same-store prescriptions moved up 5.2% while comparable same-store prescriptions, excluding COVID impacts, increased 9.7%.

“We are making progress in our turnaround program to drive performance acceleration that we expect will help mitigate fiscal 2024 challenges related to reimbursement, COVID headwinds, and enrollment at Elixir, and to drive meaningful Adjusted EBITDA growth in fiscal 2025 and 2026,” said interim chief executive officer Elizabeth Burr.