Rite Aid says ice cream contributed to third-quarter beat, shares skyrocket [MarketWatch]
Rite Aid Corporation (RAD)
Last rite aid corporation earnings: 4/16 07:00 am
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Source: MarketWatch
Rite Aid says ice cream contributed to third-quarter beat, shares skyrocket It wasn’t just cough and cold season that drove Rite Aid Corp.’s better-than-expected fiscal third-quarter earnings beat. The pharmacy retailer said ice cream gave the results a boost. “It’s worth noting that Thrifty Ice Cream, which we recently expanded to 900 additional stores, was a meaningful contributor to our third-quarter growth,” said James Peters, Rite Aid’s chief operating officer, on the earnings call, according to a FactSet transcript. Thrifty Ice Cream is a nearly 80-year-old California brand that Rite Aid acquired in 1996. Earlier this year, Rite Aid RAD, +5.78% announced that it was expanding the brand to the Pacific Northwest and testing in select stores in Delaware, Maryland, New Jersey, New York and Pennsylvania. Thrifty is mostly sold by the container, but there are California locations where it’s sold by the scoop. Read: Olive Garden’s ‘Lasagna Mia’ misstep drives down same-store sales
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