Rite Aid Corp RAD
Q4 2012 Earnings Call Transcript

Transcript Call Date 04/12/2012

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

Mr. Schroeder, you may begin your conference.

Matt Schroeder - Group VP, Strategy, IR and Treasurer: Thank you, Tabitha, and good morning everyone. We welcome you to our fourth quarter conference call. On the call with me are, John Standley, our President and Chief Operating 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 2013 outlook, and then we will take questions.

As we mentioned today 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 1-A 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 measures, 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 fourth quarter and full year results. As I commented in this morning's press release, we made strong progress in the fiscal year, highlighted by same store sales and adjusted EBITDA increases for the fifth consecutive quarter.

During the fourth quarter, our same store sales grew by 3%, while script count increased by 2.4% over the prior year period. In addition, adjusted EBITDA increased by $58.9 million due to our same store sales growth, improvements in FIFO gross margin, and the extra week in fiscal 2012.

For the full year, same store sales increased by 2%, while the number of prescriptions filled in same stores increased by 0.9%. Adjusted EBITDA for the year grew to $942.9 million, an increase of $83.9 million over the prior year period. Net loss narrowed for both the fourth quarter and the full fiscal year.

Read our Earnings Call Transcript disclaimer.
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