Rite Aid posts smaller-than-expected loss, but predicts bigger deficit and lower sales
By APThursday, September 24, 2009
Rite Aid trims 2Q loss but lowers forecasts
NEW YORK — Drugstore operator Rite Aid Corp. is reporting a smaller second-quarter loss than a year ago, but is lowering its expectations for the fiscal year.
The Camp Hill, Pa., company said Thursday it lost $120.4 million, or 14 cents per share, after preferred dividends in the three months ended Aug. 29. That compares with a loss of $227.4 million, or 27 cents per share, a year ago.
Analysts expected a larger loss of 16 cents a share for the latest quarter.
It says revenue fell 3 percent to $6.3 billion, missing Wall Street estimates of $6.4 billion.
It says the weak economy, high unemployment and weaker profit margins will lead to a bigger loss and lower sales than it previously expected for the full year.
