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Rite Aid matches earnings expectation in Q1

By - Last modified: June 20, 2013 at 11:52 AM

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Cumberland County-based Rite Aid Corp. matched analysts' expectations for earnings in the first quarter, according to Yahoo Finance.

The drugstore chain reported net income of $89.7 million, or 9 cents per diluted share, compared to last year’s first-quarter net loss of $28.1 million, or 3 cents per diluted share.

Earlier this month, Rite Aid estimated net income of between $75 million and $90 million.

In the first quarter, the company remodeled 108 stores, bringing the total number of wellness stores to 905. The company also closed eight stores, resulting in a total store count of 4,615 at the end of the first quarter.

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.

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In other financial news this week, Fulton Financial Corp. announced it will pay a quarterly cash dividend of 8 cents per share on its common stock on July 15 to shareholders of record as of July 1.

Lancaster-based Fulton Financial, the parent company of several community banks, including Fulton Bank, also extended the timeframe for its current stock repurchase program announced in January.

The corporation planned to repurchase up to 8 million shares of its own stock through June 30. It has about 1.58 million shares still available for repurchase, according to a company news release. Fulton’s board of directors extended the program through Sept. 30.

Its shares trade on the Nasdaq under the ticker symbol FULT. First-quarter net income was $39.2 million, or 20 cents per diluted share, compared with net income of $38.1 million, or 19 cents per diluted share, in the first quarter of 2012.

Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

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