Rite Aid Opens RediClinics Ahead of Walgreens Acquisition

In what could be its final full-year earnings report ahead of its scheduled acquisition, Rite Aid reported opening 23 RediClinics in the fiscal year ending on February 27, 2016, bringing its total clinic count to 78.

That includes 3 clinics opened in the fiscal fourth quarter, which followed the company’s announcement in October 2015 that Walgreens would acquire it in a$17.2 billion takeover deal. Rite Aid’s shareholders and the board of directors of both companies have since approved the transaction, and it’s expected to close in the second half of this year.

In addition to opening clinics, Rite Aid relocated 20 stores, acquired 6 stores, remodeled 412 stores, expanded 2 stores, opened 5 stores, and closed 20 stores during the fiscal year.

Walgreens currently operates more than 13,200 stores across 11 countries, as well as approximately 400 Healthcare Clinics throughout the United States.

In terms of earnings, Rite Aid posted $30.7 billion in revenue for the fiscal year, up about 16% from the previous fiscal year. Of that revenue, the company’s retail division accounted for $26.9 billion.

Those solid earnings serve as yet another example of how retail health is becoming areal contenderfor traditional health care providers’ services.

Today, there are more than 2000 retail clinics in 41 states and the District of Columbia that provide not only acute treatment, but also chronic disease care and expanded wellness and preventive services.