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First Posted: 6/19/2014 (AP) Rite Aid's fiscal first-quarter profit dropped 55 percent as it dealt with higher-than-expected drug costs and reimbursement rate reductions. But its earnings met analysts' expectations and revenue topped Wall Street's view.
The nation's third-largest drugstore chain reported on Thursday net income attributable to common stockholders of $41.4 million, or 4 cents per share, for the period ended May 31. A year earlier it earned $91 million, or 9 cents per share.
Revenue for the Camp Hill, Pennsylvania, company climbed 3 percent to $6.47 billion from $6.29 billion. Analysts surveyed by FactSet expected revenue of $6.44 billion.
Sales at stores open at least a year rose 3.1 percent, while sales at pharmacies open at least a year increased 4.6 percent.
Rite Aid Corp. maintained its fiscal 2015 forecast.
<a title="Associated Press" href="http://www.ap.org" class="url org fn">Associated Press</a>

Rite Aid 1Q profit drops on costs, revenue rises