Rite Aid profit soars in quar­ter

Los Angeles Times - - BUSINESS -

A $1.72-bil­lion tax break and strong sales from es­tab­lished stores helped earn­ings for drug­store chain Rite Aid soar in its fis­cal fourth quar­ter, which ended Feb. 28.

Rite Aid said it earned $1.84 bil­lion, or $1.79 a share, com­pared with $55.4 mil­lion, or 6 cents, a year ear­lier.

Earn­ings, ad­justed for one-time gains, came to 12 cents a share, which topped Wall Street ex­pec­ta­tions for 7 cents a share.

Rev­enue in­creased about 4% to $6.85 bil­lion in the pe­riod, which sur­passed an­a­lyst es­ti­mates of $6.75 bil­lion.

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