Rite Aid ex­ceeds 2Q ex­pec­ta­tions

The Times-Tribune - - BUSINESS -

Rite Aid topped Wall Street ex­pec­ta­tions for the fis­cal sec­ond quar­ter and gave a re­vised an­nual fore­cast, one quar­ter af­ter with­draw­ing it due to COVID-19 un­cer­tainty.

The drug­store chain said its quar­terly loss shrank to $13.2 mil­lion from $79.3 mil­lion in the pre­vi­ous year’s quar­ter. An in­come tax drop, an in­ven­tory credit and phar­macy sales growth helped.

Earn­ings, ad­justed for one-time gains and costs, to­taled 25 cents per share. Rev­enue grew more than 11% to $5.98 bil­lion.

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