Rite Aid Says Loss in Quarter Narrowed
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Rite Aid Corp. said its second-quarter loss narrowed as the drugstore chain reduced costs and increased sales of prescription drugs.
The loss of $105.3 million, or 21 cents a share, compared with a loss of $245.9 million, or 54 cents, a year earlier. Sales rose 4.5% to $3.86 billion.
Rite Aid benefited from lower interest payments after reducing debt last year following an accounting scandal under previous management that forced the company to erase $1 billion in profit in fiscal 1998 and 1999. Rite Aid boosted sales of allergy drugs and cut costs by slowing expansion, trimming inventories and decreasing theft.
Rite Aid climbed 7 cents to $2.26 on the NYSE.
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