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Drugstore operator Rite Aid says it narrowed its fiscal first-quarter loss by closing stores and trimming costs, but it expects a greater deficit for the year because of refinancing expenses.
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Carolyn Kaster / AP |
The Camp Hill, Pa., company lost $98.4 million, or 11 cents per share, compared with $156.6 million, or 20 cents per share, a year ago. Revenue fell 1 percent to $6.53 billion due to 86 store closings.
Analysts expected a loss of 13 cents per share and revenue of $6.55 billion for the quarter ended May 30.
Rite Aid [RAD
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] says same-store sales grew 0.6 percent, and prescriptions rose 2.2 percent.
The company says its refinancing is partly complete, but because of greater interest expenses, it will post a larger loss in fiscal 2010.
Shares gained more than 3 percent in premarket trading.
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