Headlines

Rite Aid Gains

Cuts quarterly losses in period just ended

Published

18 years ago

September 25, 2006

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Rite Aid Corp. (Camp Hill, Pa.) has narrowed its loss in the second quarter ended Sept. 2, 2006, to $330,000. A year ago, the retailer posted a $1.57 million loss.

The nation’s third-largest drugstore chain said the lower loss was primarily a result of a tax benefit of $3.2 million (compared with $2.2 million last year). Rite Aid was also helped by generic introductions of the anti-depression drug Zoloft and the cholesterol treatment Zocor.

Sales in the period rose 3.8 percent. Same-store sales also gained 3.8 percent. Same-store pharmacy sales increased 4.7 percent, the biggest gain in more than two years.

Rite Aid plans to expand its operations through its agreement announced last month to buy the Eckerd and Brooks pharmacy chains from the Jean Coutu Group (Longueuil, Que.) for $2.54 billion. The company will gain more than 1800 stores through the acquisition.

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