Rite Aid To Close 145 ‘Unprofitable’ StoresRite Aid, which has struggled in recent years to compete with larger rivals Walgreens, CVS Health and Walmart pharmacies, on Thursday said it plans to “significantly reduce costs” through a
“closure of a total of 145 unprofitable stores.” The number includes the 63 stores the company already announced in December it would close.
The disclosure was made as part of the company’s fiscal 2022 fourth quarter earnings report and fiscal 2023 outlook.
Rite Aid has been reporting mounting losses and Thursday was no different, disclosing a
net loss from continuing operations of $389.1 million, or $7.18 loss per share for the period ending Feb. 26, 2022. Meanwhile,
revenue from continuing operations totaled $6.07 billion, which was up 2.5% compared to the year-ago period.
Rite Aid has more than
2,400 retail pharmacy locations across 17 states. By comparison, CVS and Walgreens each have
more than 9,000 stores.
