Rite Aid's quarterly reports down $38.8 millionHeather Stauffer
The midstate-based pharmacy chain reported a net loss of $38.8 million, or 5 cents per diluted share, compared with a loss of $92.3 million, or 11 cents per diluted share, in the second quarter of 2011.
Revenues for the quarter were $6.2 billion versus $6.3 billion last year, which according to a news release was primarily due to a decrease in pharmacy same-store sales and store closings. Rite Aid chairman, president and CEO John Standley noted that a wave of new generic medications decreased same-store sales but is having a positive impact on pharmacy gross margin. He said Rite Aid hopes to continue the momentum by stressing its wellness loyalty program.
The chain also reduced its 2013 sales forecast to $25.1 billion from $25.4 billion, citing the impact of generic drugs and continued reimbursement rate pressure.
Rite Aid, based in East Pennsboro Township in Cumberland County, is the U.S.'s third largest drugstore chain. Its shares trade on the New York Stock Exchange under the ticker symbol RAD.