Rite Aid's quarterly earnings down $28.1 million
Rite Aid Corp. this morning reported results for its first fiscal quarter, which ended June 2.
The midstate-based pharmacy chain reported a net loss of $28.1 million, or 3 cents per diluted share, compared with a loss of $63.1 million, or 7 cents per diluted share, in the first quarter of 2011.
Rite Aid posted its sixth consecutive quarter of same-store sales increases, company Chairman, President and CEO John Standley said in a statement. On the other hand, today's result marks the company's 20th consecutive quarterly loss.
The company's annual meeting takes place today at the Holiday Inn Harrisburg-East. As they did last year, union leaders plan a "summit meeting" beforehand to draw attention to their criticisms of Rite Aid's labor practices as well as its board and top executives.