Sandy expected to dent RAD's November comps, but not FY '13 earnings
CAMP HILL, Pa. — All the Rite Aid stores affected by Hurricane Sandy have reopened except one, the company said Monday.
The store that hasn't opened, in Lavallette, N.J., is on a barrier island and is closed due to restricted access to the island. In addition, three stores in New York and one in New Jersey have established temporary pharmacies while their front ends are under repair. The company closed 790 stores at the height of the storm.
While the company expects the storm to have a detrimental effect on the its November same-store sales, it is not expected to have a "material impact" on its fiscal year 2013 results, the company said.
"Our store, field and corporate associates have worked tirelessly from planning before the storm hit to serving the immediate and ongoing needs of our patients and customers in the communities affected by Hurricane Sandy," Rite Aid chairman, president and CEO John Standley said. "I am proud of their outstanding dedication and commitment."
The company also highlighted its contributions to relief efforts, such as its donation of $100,000 to the American Red Cross and more than four truckloads of bottled water worth more than $30,000 to communities in the Queens and Staten Island boroughs of New York City.