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Rite Aid's Q2 income nearly reverse of year-ago quarterly loss

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Cumberland County-based drugstore chain Rite Aid Corp. today reported second-quarter net income of $32.8 million, or 3 cents per diluted share, compared with a net loss of $38.8 million, or 5 cents per diluted share, in the year-ago period.

The company also said it has raised fiscal 2014 guidance for several financial results partly because of stronger-than-anticipated performance in the first half, according to a news release.

Rite Aid also expects a better second half than previously projected, though not as good as the same period last year, the release stated.

The firm now expects fiscal 2014 net income of between $182 million, or 18 cents per diluted share, and $268 million, or 27 cents per diluted share.

This spring, Rite Aid was able to report that it recorded full-year net income for the first time since fiscal 2007.

Shares of East Pennsboro Township-based Rite Aid, one of the nation’s largest drugstore chains, are traded on the New York Stock Exchange under the ticker symbol RAD.

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