D. Petruzzi
Research expert covering Cosmetics, Personal Care, Health & Hygiene industries.
Rite Aid - statistics & facts
Rite Aid is an American drugstore chain headquartered in Philadelphia, Pennsylvania. Founded in 1962, the company has grown to become one of the leading drugstores in a market that makes up over 40 percent of the global pharmaceutical market. Initially known as Thrift D Discount Center, the company changed its name to Rite Aid and went public in 1968. As of 2023, Rite Aid was featured on Fortune magazine’s Fortune 500 list.
Over the last decade, the company’s revenue fluctuated but remained fairly stable overall, amounting to about 24 billion U.S. dollars in 2023, a slight decrease compared to the previous fiscal year. Similarly, Rite Aid’s gross profit also decreased that year, reaching a value of nearly five billion U.S. dollars. Most sales generated by the drugstore chain specifically came from prescription drugs. Despite its popularity among consumers, recent news report that, due to financial and legal issues, Rite Aid is contemplating the closing of a large share of its shops, as well as filing for bankruptcy.
Company overview
The number of Rite Aid stores in the United States decreased with time, going from 4,667 in 2012 to 2,309 as of 2023. In 2018, Walgreens purchased nearly 2,000 Rite Aid stores for over four billion U.S. dollars. Currently, Pennsylvania is the state with the highest number of Rite Aid stores in the country.Over the last decade, the company’s revenue fluctuated but remained fairly stable overall, amounting to about 24 billion U.S. dollars in 2023, a slight decrease compared to the previous fiscal year. Similarly, Rite Aid’s gross profit also decreased that year, reaching a value of nearly five billion U.S. dollars. Most sales generated by the drugstore chain specifically came from prescription drugs. Despite its popularity among consumers, recent news report that, due to financial and legal issues, Rite Aid is contemplating the closing of a large share of its shops, as well as filing for bankruptcy.
The U.S. pharmaceutical industry
The U.S. pharmacy and drugstore industry is one of the most lucrative, generating a revenue of about 351.6 billion U.S. dollars in 2022. As a matter of fact, pharmacy and drugstore sales in the United States have consistently increased over time, amounting to about 325 billion U.S. dollars in 2021. The average annual expenditure on prescription drugs reached some 340 U.S. dollars per consumer unit one year later.
