Rite Aid Corporation (NYSE:RAD) Q3 2020 Earnings Conference Call - Final Transcript

Dec 19, 2019 • 08:30 am ET


Rite Aid Corporation (NYSE:RAD) Q3 2020 Earnings Conference Call - Final Transcript


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Good day. My name is Renz and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rite Aid Third Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Mr. Byron Purcell, Vice President of Investor Relations and Treasury. Sir, please go ahead.

Byron Purcell

Thank you, Renz and good morning, everyone. We welcome you to our third quarter earnings conference call. On the call with me today are Heyward Donigan, Chief Executive Officer; Jim Peters, Chief Operating Officer; and Matt Schroeder, Chief Financial Officer. On today's call, Heyward will provide the introduction comments, both Jim and Heyward will provide an update on the business, Matt will provide an update on the third quarter results and then we will take questions.

As we mentioned in our release, we are providing slides related to the material we'll be discussing today. These slides are provided on our website, www.riteaid.com, under the Investor Relations information tab. We will not be referring to them in our remarks, but hope you will find them helpful as they summarize some of the key points made on the call.

Before we start, I'd like to remind you that today's conference call includes certain forward-looking statements. These forward-looking statements are presented in the context of certain risks and uncertainties that can cause actual results to differ. These risks and uncertainties are described in our press release, in Item 1A of our most recent Annual Report on Form 10-K and our other documents that we file or furnish to the Securities and Exchange Commission. Also, we'll be using certain non-GAAP measures in our release and in the accompanying slides. The definition of the non-GAAP measures along with the reconciliation to their related GAAP measure are described in our press release and in the slides.

With these remarks, I'd like to now turn it over to Heyward.

Heyward Donigan

Thank you, Byron, and thanks to everyone for joining us. On last quarter's call, I acknowledge that our work here at Rite Aid Corporation should be considered a turnaround. After four months on the job, it remains clear that this turnaround will take some time. Especially for a company of this size and scale. However, there are early signs that we can make important progress along the way. This year, the company has introduced an entirely new leadership team, some who are new to roll that have been here for many years and some who are new to Rite Aid Corporation. Together, this newly formed team has been hard at work to finding our go-forward strategy.

We are planning an Analyst Day on March 16th and are excited to share more with you then. And it's important to note that this leadership team is focused on more than just strategy development. We are challenging convention every day. We are not letting proceed barriers get in the way. We're approaching our work and overcoming obstacles with ingenuity and agility to drive results.