Rite Aid reported a loss of nearly $331.3 million in its second fiscal quarter, which is three times more than its loss in its 2021's second quarter.
Three notes:
1. Hundreds of Rite Aid locations have shuttered this year but its overall debt is shrinking. The company's CFO, Matt Schroeder, said he plans to further narrow its debt by closing more stores and increasing prescription volume.
2. In a Sept. 28 news release, the Philadelphia-based retail pharmacy chain attributed the most recent financial results to inflationary pressures.
3. Compared to last year, Rite Aid's revenue dropped from $6.11 billion to $5.9 billion "largely due to a reduction in revenue from COVID-19 vaccines and testing, store closures and a planned loss of covered lives at Elixir," its pharmacy benefit manager business.