Rite Aid Corp RAD
Q2 2012 Earnings Call Transcript

Transcript Call Date 09/22/2011

Operator: Good morning. My name is, Sandrel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rite Aid Second Quarter Fiscal 2012 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.

Now, let’s turn the conference over to Matt Schroeder. Please go ahead

Matt Schroeder - Group VP, Strategy, IR and Treasurer: Thank you, Sandrel, and good morning, everyone. We welcome you to our second 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 second 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’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 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, and thank you everyone for joining us this morning to review our fiscal 2012 second quarter results. I am pleased to report that our results for the quarter demonstrate that our continued company-wide focus of taking better care of and meeting the needs of our customers is paying off.

We have increased same-store sales for three consecutive quarters as initiatives such as wellness+, immunizations, and wellness store renovations help us become more relevant to today’s consumer.

In addition, we continue to run our business more efficiently and improve overall performance evidenced by the fact that our adjusted EBITDA has also increased for three consecutive quarters. While we’ll get more into the details of our second quarter results shortly, I want to start today by discussing some of the exciting new Rite Aid health and wellness initiatives we’re just rolling out that uniquely focus on meeting customers’ needs in a dynamic and ever changing healthcare environment and that we believe will help further Rite Aid’s top line growth as we move forward.

Read our Earnings Call Transcript disclaimer.
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