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Perry Drug founder dies

BY Michael Johnsen

BLOOMFIELD HILLS, Mich. – Jack Robinson, founder of Perry Drug Stores, a Michigan-based regional drug chain acquired by Rite Aid in 1995, died on Tuesday, according to Crain's Detroit Business. Robinson was 85 years old. 
 
Robinson founded Perry Drug in 1957 and deveoped a chain of 225 stores with $750 million in annual sales. Perry Drug spanned across eight states and included auto parts stores and health care businesses in addition to pharmacy operations. 
 
Following the acquisition of Perry Drug, Robinson served for a time as president of Rite Aid of Michigan. Robinson was also a past chairman of the National Association of Chain Drug Stores. 
 
Robinson is survived by his wife, Aviva; children Shelby Robinson, Beth Swartz and Abigail Robinson; six grandchildren; and siblings Erwin Robinson and Frances Maggin.
 
According to Crain's Detroit Business, a funeral is scheduled for 10 a.m. Friday at the Ira Kaufman Chapel in Southfield. Donations can be made in his memory to the Detroit Symphony Orchestra, Jewish Senior Life of Metropolitan Detroit and Camp Tamarack, the publication reported. 

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After transformative Q2, Rite Aid adjusts fiscal 2016 guidance

BY Michael Johnsen

CAMP HILL, Pa. — Rite Aid on Thursday reported $7.7 billion in revenue for its fiscal second quarter ended Aug. 29, representing an increase of 17.5%. Retail pharmacy segment revenues were $6.6 billion and increased 1.9%, primarily as a result of an increase in same-store sales. And pharmacy services segment revenues were $1.1 billion from the date of the acquisition of EnvisionRx — June 24 — through the end of the quarter. 
 
While Rite Aid exceeded analyst expectations in total revenue, analysts polled by Thomson Reuters had projected Rite Aid would post earnings per share of 4 cents per share — the company reported 2 cents per share.
 
“The second quarter was pivotal for Rite Aid as we completed the acquisition of EnvisionRx and worked as a team to accelerate our transformation into a retail healthcare company,” John Standley, Rite Aid chairman and CEO, said. “EnvisionRx made positive contributions to our performance as our Pharmacy Services Segment delivered results that were in line with our expectations. We will continue to focus on key initiatives like wellness+ with Plenti, flu immunizations and Wellness store remodels to drive performance in our retail segment as we also leverage EnvisionRx's suite of services to create unique and integrated offerings in the healthcare marketplace.”
 
Same-store drug store sales for the retail pharmacy Segment increased 2.1% over the prior year, consisting of a 0.3% increase in front-end sales and a 2.8% increase in pharmacy sales. Pharmacy sales included an approximate 223 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores increased 0.2% over the prior year period. Prescription sales accounted for 69.3% of total drug store sales, and third-party prescription revenue was 97.8% of pharmacy sales. 
 
In the second quarter, the company relocated 3 stores and remodeled 119 stores, bringing the total number of wellness stores chainwide to 1,859. The company also opened 2 new stores, acquired 2 stores and closed 9 stores, resulting in a total store count of 4,561 at the end of the second quarter. The Company also opened 5 clinics in the second quarter, bringing the total to 70. 
 
Rite Aid has updated its fiscal 2016 guidance to reflect more recent sales trends and additional expected amortization expense from EnvisionRx. The midpoint of Adjusted EBITDA guidance remains unchanged, however. 
 
Total revenues are expected to be between $30.8 billion and $31.1 billion, up from a range of $26.9 billion to $27.4 billion. Analysts are projecting Rite Aid will post revenue of $30.9 billion. Retail drug store sales are expected to be between $26.7 billion and $27 billion and same-store sales to range from an increase of 1.5% to an increase of 2.5% over fiscal 2015. Adjusted EBITDA guidance is expected to be between $1.36 billion and $1.44 billion and net income is expected to be between $125 million and $195 million or income per diluted share of $0.12 to $0.19. 
 
Capital expenditures are expected to be approximately $665 million. 

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