Rite Aid 3Q Loss Nearly Triples
New York City Rite Aid Corp. said Thursday its loss nearly tripled in its third quarter due to costs to close stores and continuing struggles for its Brooks Eckerd pharmacies.
In the quarter ended Nov. 29, the Camp Hill, Pa., company reported a loss of $248.7 million, compared to a loss of $93 million in the same period last year. Revenue fell 0.5% to $6.47 billion from $6.5 billion.
Without one-time charges, Rite Aid said its loss was $130.1 million.
Rite Aid's total same-store sales improved 1.4% during the quarter, but they fell 2.6% at Brooks Eckerd pharmacies.
The company said it has closed 229 weak stores over the past year, including 29 store closures in the third quarter. Rite Aid opened 13 stores, moved 23 and remodeled 11, giving it a total of 4,914 at the end of the quarter.