Rite Aid Corporation (NYSE: RAD) reported a narrower loss in the first quarter of fiscal 2021 as an increase in the store traffic drove the top-line higher. The company withdraws its fiscal 2021 guidance.
The company witnessed an increase in in-store traffic as the COVID-19 pandemic prompted the people to pile up the medicines. Rite Aid turned cautious for fiscal 2021 due to the costs associated with the demand for essential service despite the sales trend remaining positive. The healthcare industry has survived in the crucial pandemic times.
The company was able to maintain its supply chain and stay in stock backed by the immediate action taken by the Retail Pharmacy teams. Rite Aid achieved double-digit front-end sales growth and gain retail market share driven by the actions taken in response to the COVID-19 crisis.
However, Rite Aid experienced a decline in acute prescriptions and increased costs incurred to assure the safety of its associates and customers. The company expects to generate positive free cash flow in fiscal 2021, in part by reducing costs, improving working capital, and reducing expected capital expenditures from original guidance of $350-275 million.
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