Rite Aid 4Q Loss Narrows Amid Sales Growth, Tax Benefit |
| Wall Street Journal - Apr 12, 2012 |
Rite Aid Corp.'s (RAD) fiscal fourth-quarter loss narrowed as the drug-store company benefited from an extra week of sales and a tax benefit in the latest period.
Shares fell 7 cents, or 4.1%, to $1.63 in recent trading Thursday as the chain's loss was greater than analysts expected and its view for the new fiscal year was tempered.
The No. 3 U.S. drug-store chain behind Walgreen Co. (WAG) and CVS Caremark Corp. (CVS) has posted losses since its 2007 acquisition of the Brooks and Eckerd chains that saddled it with debt just before consumers slashed spending. It has benefited from cutting costs and refinancing billions of dollars in debt, and the company has seen sales growth recently after a long stretch of declines.
Rite Aid's same-store sales have improved for the past five quarters as the company benefits from the rollout of a loyalty program and store renovations under a new format that expands clinical pharmacy services and offers more health and wellness products. Rite-Aid converted 280 stores into the new wellness format during the latest quarter, and, while still early in that process, President and Chief Executive John Standley said the effort was helping bolster front-end sales.
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- Posted: 2012-04-12 11:04:56
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