Rite Aid cuts loss in Q2
Camp Hill, Pa. — Rite Aid narrowed its second-quarter loss to $41.4 million in the second quarter from a $94.7 million loss in the year-ago period.
Revenue slipped to $6.23 billion from $6.27 billion last year, missing Wall Street’s projected $6.25 billion in sales. Same-store sales were essentially flat for the quarter.
Rite Aid chairman and CEO John Standley said in a statement that Rite Aid continues to make "significant progress in our turnaround efforts." He said the company has improved prescription counts at stores open at least a year and adjusted earnings before income, taxes, depreciation and amortization for seven straight quarters.
Rite Aid's biggest challenge will be retaining the customers it won over as a result of the dispute between Walgreens and Express Scripts.
“We're working really hard, and we're going to do our best to keep all the patients we can,” Rite Aid COO Ken Martindale said. “So we feel good about what we're going to do, and I hope we can retain a good portion of these patients.”