Rite Aid Profit Up More Than Eightfold

Rite Aid Corp., the third-biggest U.S. drugstore chain, said fourth-quarter profit jumped more than eightfold as costs from store closings fell and sales of generic drugs and its own branded merchandise rose.

Net income increased to $59.1 million, or 9 cents a share, from $7 million, or a loss of 2 cents a share after the payment of preferred dividends, a year earlier, the Camp Hill, Pa.-based company said. Sales in the period ended Feb. 28 rose 6.2% to $4.4 billion.

Shares of Rite Aid rose 12 cents to $5.52 on the NYSE.