Rite Aid Swings to Profit in Latest Quarter

Rite Aid Corp. had a fiscal first-quarter profit of $63.3 million as sales of generic drugs and its branded goods rose.

Net income in the period ended May 29 was 10 cents a share, compared with a loss of $38.8 million, or 8 cents, a year earlier, when the retailer incurred costs to close stores. Revenue rose 4.9% to $4.24 billion, the Camp Hill, Pa., company said.

Shares rose 39 cents to $5.38 on the NYSE.