Camp Hill, Pa. – Rite Aid reported a solid 15.5% increase in net income during the third quarter of fiscal 2013, to $71.5 million from $61.9 million in the year ago period. Lower interest expense and lease termination and impairment charges helped drive Rite Aid’s net income growth.
In addition, revenues grew about 2% to $6.4 billion from $6.2 billion, primarily due to a 3.5% increase in pharmacy same store sales. Same-store sales rose 2.3%.
Rite Aid said it has reached an agreement with GNC to extend and expands their existing partnership through 2019. The agreement enables Rite Aid to add at least 300 additional GNC LiveWell store-within-a-store locations inside its stores during the next five years.
Rite Aid and GNC have had an exclusive partnership in the chain drug channel since December 1998. As of Dec. 19, there are more than 2,200 GNC stores-within-a-store operating in Rite Aid stores across the country, including a majority of Rite Aid wellness stores.
Rite Aid has updated its fiscal 2014 guidance with sales expected to be between $25.3 billion and $25.425 billion and same store sales to range from an increase of 0.35% to 0.85% compared to fiscal 2013.