Rite Aid Earnings Highlight Another Rough Quarter
Rite Aid Corporation (RAD) announced a quarterly loss of 23 cents per diluted share, compared to a loss of 14 cents per share a year earlier, thanks to refinancing costs and falling revenues.
Revenue for the quarter ending Aug. 28 was $6.2 billion, compared with $6.3 billion a year earlier, the company said in a statement. Same store sales fell 1.5%.
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The net loss included a charge of 5 cents per share related to the retirement of a $684 million loan.
"While reimbursement pressures are still challenging, our pharmacy margin rates have begun to stabilize," CEO John Standley said.
Rite Aid now expects a loss of between 46 cents and 67 cents per share for fiscal 2011, with sales of between $25 billion and $25.4 billion. Same store sales are expected to be fall as much as 1.5%.
