Rite Aid narrows loss in Q2
Camp Hill, Pa. -- Rite Aid Corp. reported Thursday a loss of $41.4 million in the second quarter, significantly narrowed from a $94.7 million loss in the year-ago period.
Revenue slipped to $6.23 billion from $6.27 billion last year, missing Wall Street’s projected $6.25 billion in sales. Same-store sales were essentially flat for the quarter.
Rite Aid chairman and CEO John Standley said in a statement that Rite Aid continues to make "significant progress in our turnaround efforts." He said the company has improved prescription counts at stores open at least a year and adjusted earnings before income, taxes, depreciation and amortization for seven straight quarters.