Rite Aid (RAD) Sees Negative Nov. Comps Hit from Hurricane Sandy
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Price: $0.65 --0%
Revenue Growth %: -100.0%
Financial Fact:
Total costs and expenses: 8B
Today's EPS Names:
FRSB, DGICA, UXIN, More
Revenue Growth %: -100.0%
Financial Fact:
Total costs and expenses: 8B
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Rite Aid Corporation (NYSE: RAD) announced an update on the status of stores impacted by Hurricane Sandy.
As of Nov. 12, 2012, all stores impacted by Hurricane Sandy, with the exception of the Rite Aid store in Lavallette, N.J., have been reopened and are servicing customers. The Company’s store in Lavallette remains closed due to restricted access to the barrier island. Additionally, four stores—three in New York and one in New Jersey—have established temporary pharmacies to ensure patients have access to prescription and other medications while the front-end of the stores are being repaired, which is expected to be completed by next month. At the height of the storm, 790 Rite Aid stores were closed. The Company has re-opened the affected stores as quickly as possible over the past two weeks.
It is anticipated that Hurricane Sandy will have a negative impact on same store sales results for the month of November, but the Company does not expect the storm to have a material impact on the Company’s fiscal year 2013 financial results.
As of Nov. 12, 2012, all stores impacted by Hurricane Sandy, with the exception of the Rite Aid store in Lavallette, N.J., have been reopened and are servicing customers. The Company’s store in Lavallette remains closed due to restricted access to the barrier island. Additionally, four stores—three in New York and one in New Jersey—have established temporary pharmacies to ensure patients have access to prescription and other medications while the front-end of the stores are being repaired, which is expected to be completed by next month. At the height of the storm, 790 Rite Aid stores were closed. The Company has re-opened the affected stores as quickly as possible over the past two weeks.
It is anticipated that Hurricane Sandy will have a negative impact on same store sales results for the month of November, but the Company does not expect the storm to have a material impact on the Company’s fiscal year 2013 financial results.
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