Rite Aid Posts Profit as Expenses Decline
From Bloomberg News
Rite Aid Corp., the No. 3 U.S. drugstore chain, reported an unexpected second-quarter profit of $9.83 million as inventory costs and interest expenses declined.
The company broke even on a per-share basis compared with a loss of $10.6 million, or 4 cents, a year earlier, Camp Hill, Pa.-based Rite Aid said. Sales rose 1.8% to $4.12 billion.
Shares of Rite Aid, which trails Walgreen Co. and CVS Corp. in sales, fell 18 cents to $3.58 on the NYSE.
