SOURCE: The Bedford Report

The Bedford Report

May 09, 2011 08:16 ET

Rite Aid and BioScrip Begin to Benefit From Restructuring

The Bedford Report Provides Analyst Research on Rite Aid & BioScrip

NEW YORK, NY--(Marketwire - May 9, 2011) - With unemployment numbers remaining high and discretionary spending still low, drug retailers have struggled to regain their footing following the recession. In addition, expiring patents for brand name drugs and their replacement by less expensive generic alternatives is shrinking top lines throughout the sector. The Bedford Report examines the outlook for companies in the Drug Stores Industry and provides research reports on Rite Aid Corporation (NYSE: RAD) and BioScrip, Inc. (NASDAQ: BIOS). Access to the full company reports can be found at:

In order to offset a drop in pharmacy revenues, drug stores have begun to search for alternative revenue sources.

Rite Aid said it is doing more business at is value stores and at Rite Aid Save-A-Lot stores, which include grocery sections. When Rite Aid reported fourth quarter earnings last month, the company said it plans to remodel 500 stores, introducing a new format that includes more organic foods and homeopathic medicines. Rite Aid reported a net loss of $208.1 million, or 24 cents per share, for the fourth quarter compared with a loss of $210.6 million, also 24 cents per share, a year ago.

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BioScrip is a national provider of pharmacy and home health services that partners with patients, physicians, hospitals, and pharmaceutical manufacturers. Shares of the company skyrocketed last week after the company posted a fiscal first quarter profit of five cents a share. In the year earlier quarter BioScrip posted a loss of 18 cents a share. BioScrip said its revenue climbed 31 percent, to $439.3 million from $335.1 million.

President and Chief Executive Officer of BioScrip Rick Smith, says the company is beginning to realize early results of the restructuring efforts put in place last year, particularly in reducing overall expenses.

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