Rite Aid Q2 loss decreases, results beat analyst estimates
Tuesday, September 27, 2011
Rite Aid announced its Q2 results on Thursday, September 23, which indicated a smaller loss than the same period last year. The retailer posted a loss of $94.7 million, or 11 cents per share, down from $197 million, or 23 cents per share. An average estimate of analysts surveyed by FactSet was 18 cents per share, The Associated Press reports.
The company's revenue increased almost 2 percent to reach $6.27 billion. Sales for stores open at least one year increased 2.5 percent in August, as customers stockpiled supplies in preparation for Hurricane Irene, according to Bloomberg. Sales for stores open this long rose 2.2 percent during the quarter.
"We are pleased with the continued improvement in our top-line results, highlighted by three consecutive quarters of same store sales growth," John Standley, Rite Aid President and CEO, said in a statement
The company has revised its expected fiscal 2012 loss to between $345 million and $495 million, or between 40 cents and 56 cents per share. The company had previously forecast a loss of between $370 million and $560 million for the year, or between 42 and 64 cents per share.
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