Rite Aid Earnings Highlight Another Rough Quarter

Rite AidRite 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%.

Sponsored Links
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%.
Read Full Story

Markets

DJIA 21,513.17 -66.90 -0.31%
NASDAQ 6,410.81 23.05 0.36%
S&P 500 2,469.91 -2.63 -0.11%
NIKKEI 225 19,955.20 -20.47 -0.10%
HANG SENG 26,852.05 5.22 0.02%
DAX 12,279.59 70.64 0.58%
USD (per EUR) 1.17 0.00 0.11%
USD (per CHF) 0.95 0.00 0.11%
JPY (per USD) 111.40 0.18 0.16%
GBP (per USD) 1.30 0.00 -0.02%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners