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Rite Aid: The largest drugstore chain on the east coast
Rite Aid Corporation is a drugstore chain based in the United States of America. It is headquartered in East Pennsboro Township, Cumberland County, Pennsylvania, near Camp Hill. It is the third largest drugstore chain in the U.S and the largest on the East Coast. It was incorporated on September 12, 1962 by a person named Alex Grass. In October 2015, Walgreens Boots Alliance presented an offer, which is currently pending government antitrust committee approval. The Rite Aid has accepted the offer. Walgreens would form the world’s largest retail pharmacy chain in terms of number of locations, if the proposed deal gets accepted without much divestiture of stores.
Current Market Value
Rite Aid Corporation reported sales summed to US$ 25.5 billion in fiscal year 2014. By 6 February 2015, the market capitalization of the company was about $7.15 billion. On October 27, 2015, Walgreens, one of its major competitors announced it would acquire Rite Aid for $17.4 billion pending approval. In the fiscal year 2016, the company reported revenue of US$ 30.736 billion. In the same fiscal year, its operating income was calculated to be US$ 731.8 million. Its net income was US$ 165.47 million while its total assets were evaluated to be worth US$ 11.77 billion in the fiscal year 2016. In the same year, its total equity was US$ 581.43 million.
As of September 2016, the company was operating in 4,553 locations. This Fortune 500 company has employed 89,000 people by the year 2016. It has featured in the list of Fortune 500 companies by the Fortune Magazine for the past years. Lately in 2016, it held the 107th position in this list. The company had a US$ 2,109 million profit in the last fiscal year. The price per share lately ranges between US$ 8.66 to US$ 8.7.
Alex Grass founded Thrift D Discount Center in Scranton, Pennsylvania, which was a health and beauty aids store, without a pharmacy. Later by the virtue of its growth in the pharmacy industry, the company was christened its current name. By 1965, The Rite Aid had expanded into 5 northeast states through acquisitions and new stores. Just ten years after its first store opened, the company operated 267 locations in 10 states. In 1983, the pharmacy chain marked a sales milestone of $1 billion. With the acquisition of Gray Drug in 1987, a 420-store acquisition along the east coast expanded Rite Aid’s holdings beyond 2,000 locations.
The other companies acquired were Baltimore, Maryland’s Read’s Drug Store, on April 10, 1989, Peoples Drug’s 114 unit Lane Drug of Ohio, twenty-four Hook’s Drug stores from Revco in 1994 ( it sold nine among these stores to Perry Drug Stores, a Michigan-based pharmacy chain. One year later, in turn, it acquired 224-store Perry chain) and the 1,000-store West Coast chain Thrifty PayLess was later acquired in 1996. Further, the acquisitions of Harco, Inc. and K&B, Inc. brought Rite Aid into the Gulf Coast area. With its well planned acquisition strategies and simultaneously opening its new stores, the pharmacy chain went on to become one of the top companies of the United States.
Analysts have reported that among all those things there is to consider, it is a wiser bet to go with Walgreens’s judgment and the 28.5% upside in Rite Aid stock. Entering the pharmacy benefit management space has given Rite Aid an added potential in the stock market. The company’s Wellness Store initiative is proving extremely successful. By having initiated the wellness+ loyalty program it could boost customer counts even further for the company. With all the statistics and it glorious history to success mentioned above, you must ascertain that RAD stock is the superior option, if you are looking for a good merger arbitrage investment opportunity.
Rite Aid Properties For Sale Across the United States :
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, Wisconsin, Wyoming