Rite Aid Loss Narrows on Income Tax Benefit
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Drugstore chain Rite Aid Corp. said losses narrowed in its fiscal second quarter on an income tax benefit and increased sales of generic drugs.
The loss in the three months ended Sept. 2 narrowed to $330,000, or 2 cents a share, from $1.57 million, or 3 cents, a year earlier, the Camp Hill, Pa.-based company said. Sales rose 3.8% to $4.29 billion.
The decrease in losses was primarily because of a tax benefit of $3.2 million compared with $2.2 million last year. Rite Aid also was helped by generic introductions of the anti-depression drug Zoloft and the cholesterol treatment Zocor.
Rite Aid last month agreed to buy the Eckerd and Brooks pharmacy chains from Jean Coutu Group Inc. for $2.54 billion.
Rite Aid’s shares fell 24 cents, or 5%, to $4.52.
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