Rite Aid swings to profit in Q3, lifts forecast
Camp Hill, Pa. -- Rite Aid Corp. reported Thursday a profit of $60.5 million for the quarter ended Dec. 1, compared with a year-earlier loss of $54.5 million and marking the first time since quarter-ended May 2007 that the drugstore retailer has turned a profit.
Rite Aid also raised its forecast for the year, abandoning earlier forecasts of a loss for the year and instead suggesting that the company may turn an annual profit.
Revenue in the third quarter dipped 1.2% to $6.24 billion, as permanent closures of poor performers and temporary closures of Sandy-impacted stores had a negative impact on sales. Same-store sales fell 1.5%