Rite Aid Reports Wider 2Q Loss
Harrisburg, Pa., Rite Aid Corp. said Thursday that its second-quarter loss widened and said it expects to lose more than it previously forecast for the year.
Rite Aid said its loss attributable to common shareholders was $78.2 million for the three months ending Sept. 1, vs. a loss of $8.2 million a year ago.
Revenues for the quarter jumped almost 54% to $6.6 billion, up from $4.29 billion a year ago, the company said. Comp-store sales rose 1.1%, the company said.
The company said it expects to lose between $78 million and $161 million for the year, compared to its earlier prediction of a loss of $47 million to $129 million.
Rite Aid acquired 1,854 Brooks and Eckerd stores in June. In the quarter, Rite Aid opened 11 new stores, acquired one other store, relocated eight stores and closed or sold 56 stores, including 23 it divested in the Brooks and Eckerd acquisition.