Rite Aid's quarterly reports down $38.8 millionHeather Stauffer
Rite Aid Corp. has reported results for its second fiscal quarter, which ended Sept. 1.
The midstate-based pharmacy chain reported a net loss of $38.8 million, or 5 cents per diluted share, compared with a loss of $92.3 million, or 11 cents per diluted share, in the second quarter of 2011.
Revenues for the quarter were $6.2 billion versus $6.3 billion last year, which according to a news release was primarily due to a decrease in pharmacy same-store sales and store closings. Rite Aid chairman, president and CEO John Standley noted that a wave of new generic medications decreased same-store sales but is having a positive impact on pharmacy gross margin. He said Rite Aid hopes to continue the momentum by stressing its wellness loyalty program.
The chain also reduced its 2013 sales forecast to $25.1 billion from $25.4 billion, citing the impact of generic drugs and continued reimbursement rate pressure.