Retail News Breaks
Rite Aid posts first annual profit since 2007
April 12th, 2013
CAMP HILL, Pa. – Rite Aid Corp. reported its second consecutive quarterly profit and its first annual profit since 2007.
For the fourth quarter ended March 2, Rite Aid booked net income of $123.1 million, or 13 cents per share, versus a loss of $161.3 million, or 18 cents per share, in the fiscal 2012 quarter.
Sales decreased 9.7% to $6.46 billion as a result of one less week in the quarter and higher sales of lower-cost generic drugs.
The bottom line for the year swung to a net profit of $118.1 million from a year-ago loss of $368.6 million, even though sales dipped 2.8% to $25.39 billion, again reflecting one less week and the impact of generic drug sales.
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