Rite Aid profit tum­bles 55%

Los Angeles Times - - BUSINESS BRIEFING -

Rite Aid’s fis­cal firstquar­ter profit fell 55%, mainly on costs tied to a $2bil­lion ac­qui­si­tion, and the drug­store chain low­ered its 2016 profit forecast.

The com­pany booked $36 mil­lion in pre-tax costs tied to its pend­ing ac­qui­si­tion of the phar­macy ben­e­fits man­ager En­vi­sionRx.

Rite Aid earned $18.8 mil­lion, or 2 cents a share, in the quar­ter, com­pared with $41.4 mil­lion, or 4 cents, last year.

Earn­ings, ad­justed for costs re­lated to merg­ers and ac­qui­si­tions, were 4 cents a share. That topped av­er­age an­a­lyst ex­pec­ta­tions of 2 cents, ac­cord­ing to Zacks In­vest­ment Re­search.

Rev­enue climbed nearly 3% to $6.65 bil­lion.

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