Rite Aid Corporation (NYSE:RAD) Q1 2021 Earnings Conference Call - Final Transcript

Jun 25, 2020 • 08:30 am ET


Rite Aid Corporation (NYSE:RAD) Q1 2021 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Ladies and gentlemen, thank you for standing by, and welcome to the Rite Aid Corporation FY '21 Q1 Earnings Conference Call.

[Operator Instructions]

I would now like to hand the conference over to your speaker today, Byron Purcell. Thank you. Please go ahead, sir.

Byron Purcell

Thank you, and good morning, everyone. We welcome you to our fiscal 2021 first quarter earnings conference call.

On the call with me today are Heyward Donigan, President and Chief Executive Officer, Jim Peters, Chief Operating Officer, Dan Robson, President of Elixir, and Matt Schroeder, Chief Financial Officer. On today's call, Heyward will provide introductory comments concerning business trends and our strategy. Jim will provide an update on the retail business. Dan will provide an update on the pharmacy services business. Matt will provide an update on our first 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 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 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 our accompanying slides. The definition of the non-GAAP measures, along with the reconciliation to the related GAAP measure are described in our press release and the slides.

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

Heyward Donigan

Thanks, Byron, and thanks to everyone for joining us.

This was a quarter like no other. The resolve of our Rite Aid associates and the communities we serve is being tested by the unprecedented challenges of COVID-19 and the events surrounding a crucial dialogues about diversity and racial justice. First, I couldn't be more proud of how our Rite Aid team has responded to these challenges. The events surrounding the death of George Floyd have sparked important conversations within our organization about how we can do better and the actions we can take to be a part of the solution in our local communities. Meanwhile, our teams has been on the front lines of health care during the COVID-19 crisis, showing up every day to fulfill our purpose of serving our communities during this time of great need, including the expansion of COVID testing to 97 stores. And all of this, while working together to advance in new strategies that will position us to serve our communities at an even higher level.

In my eyes, although this work