The Associated Press December 16, 2010, 8:15AM ET

Rite Aid 3Q loss narrows but revenue slips

Drugstore operator Rite Aid Corp. says its fiscal third-quarter loss narrowed, but revenue slipped as a slower start to the cold and flu season hurt performance.

The Camp Hill, Pa., company lost $81.5 million, or 9 cents per share, after paying preferred dividends in the quarter that ended Nov. 27. That compares to a loss of $86.1 million, or 10 cents per share, in the same quarter last year.

Revenue fell 2 percent to $6.2 billion.

Analysts forecast a loss of 13 cents per share on $6.2 billion in revenue.

The company says revenue from stores open at least a year will be softer than expected, and it is again lowering its full-year forecast. Rite Aid now expects a net loss of between $525 million and $655 million.


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