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Rite Aid reports Q1 net loss
Rite Aid Corp. today reported a net loss of $156.6 million, or 20 cents per share, for the first
quarter ended May 31. The drugstore chain reported net income of $27.6 million,
or 4 cents per share, in the year-ago
quarter.
Rite Aid completed the conversion of all the acquired Brooks
and Eckerd store systems during the quarter. Integration of the chains is
expected to be completed by October.
The Cumberland
County company expects a
number of factors, including minor store remodeling and positive sales in its acquired
stores, will help create strong results in the second half of the fiscal year, according
to a filing with the U.S. Securities and Exchange Commission.
The East Pennsboro Township-based company opened five
stores, relocated six stores, acquired eight stores, remodeled 39 stores and
closed 68 stores during the first quarter. Store closings were mostly related
to combining acquired stores that were near existing stores, according to the filing. The company operated 5,004 stores
at the end of the quarter.
Rite Aid shares trade on the New York Stock Exchange under
the ticker symbol RAD.
