Rite Aid fiscal 2Q loss narrows as sales rise

By the Associated Press | September 22, 2011 | 8:00 AM EDT

INDIANAPOLIS (AP) — Rite Aid Corp. says its fiscal second-quarter loss narrowed as sales at stores open at least a year grew, and the drugstore operated reduced its loss forecast for fiscal 2012.

The Camp Hill, Pa., says it lost $94.7 million, or 11 cents per share, in the quarter that ended Aug. 27. A year ago it lost $199.3 million, or 23 cents per share. Revenue climbed nearly 2 percent to $6.27 billion.

Analysts forecast a loss of 18 cents per share.

The company now expects a fiscal 2012 loss of between $345 million and $495 million, or 40 cents to 56 cents per share. That compares to its previous forecast for a loss of between $370 million to $560 million, or 42 to 64 cents per share.