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Rite Aid's quarterly earnings down $28.1 million

By , - Last modified: June 21, 2012 at 11:00 AM

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.

The result matched analysts' expectations, according to Yahoo Finance.

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.

Rite Aid, based in East Pennsboro Township in Cumberland County, is the U.S.'s third largest drugstore chain. Its shares trade on the New York Stock Exchange under the ticker symbol RAD.


Related news: Rite Aid agrees to pay $20.9 million to settle overtime lawsuit

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