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After posting its first full-year profit in nearly six years, according to published reports, Rite Aid announced that it also grew its private label share of goods in fiscal 2013.
Rite Aid front-end same store sales rose 1.4 percent in 2013, CEO John Standley told analysts on a conference call, according to transcripts from Seeking Alpha.
“Our highly successful wellness+ customer loyalty program, wellness store initiative and growth in Rite Aid brand penetration all contributed to this continued growth,” Standley said.
Chief Operating Officer Kenneth Martindale said private label penetration rose 0.4 percent in the fourth quarter and reached 18.7 percent for 2013, a 0.4 percent rise from fiscal 2012.
“Throughout the quarter, customers continued to respond positively to our enhanced Rite Aid brand architecture, which offers great value to our customers and strong margins for the company,” Martindale told analysts, according to the Seeking Alpha transcripts.