Rite Aid profit soars in quarter
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.