Rite Aid Corp RAD
Q1 2012 Earnings Call Transcript

Transcript Call Date 06/23/2011

Operator: Good morning. My name is Tabitha and I will be your conference operator today. At this time, I would like to welcome everyone to the Rite Aid First Quarter Earnings 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.

Mr. Schroeder, you may begin your conference.

Matt Schroeder - Group VP, Strategy and IR: Thank you, Tabitha, and good morning everyone. We welcome you to our first quarter 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 first 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 on 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'll 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 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, and thank you everyone for joining us this morning to review our fiscal 2012 first quarter results. Our results for the quarter show that our company-wide focus on taking better care of and meeting the needs of our customers is working. Our significant reductions in SG&A over the last few years have given us the flexibility to make the investments we need to connect with today's value-driven consumer.

We are making those investments through our wellness+ loyalty program, which continues to grow as a percentage of our business and in terms of total members enrolled. Combining wellness+ with our customer service initiatives like the 15 Minute Guarantee in the pharmacy and our focus on friendlier service on the front-end are the primary reasons we have grown our same store sales for two consecutive quarters.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.