Rite Aid Corp RAD
Q4 2011 Earnings Call Transcript

Transcript Call Date 04/07/2011

Operator: Good morning. My name is Lia and I will be your conference operator today. At this time, I would like to welcome everyone to the Rite Aid Fourth Quarter Fiscal 2011 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

Matt Schroeder, you may begin your conference.

Matt Schroeder - Group VP, Strategy and IR: Thank you, Lea and good morning everyone. Welcome to our fourth quarter year end conference call. On the call with me are John Standley, our President and Chief Executive officer and Frank Vitrano, our Chief Financial and Chief Administrative Officer.

On today's call, John will give an overview of our fourth quarter results and discuss our business. Frank will discuss the key financial highlights and fiscal 2012 outlook, and then we will take questions.

As we mentioned in our release, we are providing slides related to the material we will be discussing today including annual earnings and sales guidance on our website, under the Investor Relations Information tab for conference calls. This guidance is a point in time estimate made early in the fiscal year. The Company expressly disclaims any current intention to update it. This conference call and the related slides will be available on the Company's website until the next earnings call unless the Company withdraws them earlier and should not be relied upon thereafter. We will not be referring to the slides directly in our remarks, but hope you will find them helpful as they summarize some of the key points made on the call.

Before we start, I'd like to remind you that today's conference call includes certain forward-looking statements. These forward-looking statements are made in the context of certain risks and uncertainties that can cause actual results to differ. These risks and uncertainties are described in our press release in Item 1A of our most recent Annual Report on Form 10-K and other documents we file or furnish to the Securities and Exchange Commission. Also, we will be using a non-GAAP financial measure. The definition of the non-GAAP financial measure along with the reconciliations to the related GAAP measure are described in our press release.

With these remarks, I'd now like to turn it over to John.

John T. Standley - President and CEO: Thank you, Matt. Thank you everyone for joining us this morning to review our fourth quarter results and discuss our fiscal 2012 guidance. We made a lot of progress in the fourth quarter on our key initiatives and they are clearly starting to have an impact on our results.

During the fourth quarter, we saw a significant improvement in sales trends with same-store front end sales, same-store pharmacy sales, and script count growing during the quarter. Front end same-store sales grew 1% and pharmacy same-store script count grew 80 basis points. Same-store script count continued to grow in March with an increase of 60 basis points, while front end same-store sales turned negative mostly due to the impact of the later Easter holiday. Both of those trends continued in the first part of April.

Read our Earnings Call Transcript disclaimer.
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