Rite Aid Q3 Marks 1st Profit Since FY ’08

CAMP HILL, Pa. — Rite Aid Corp. here on Thursday reported net income of $61.9 million during the fiscal third quarter that ended Dec. 1 — the company’s first quarterly profit in more than five years.

Officials said results were aided by improved front-end sales, particularly from customers using the retailer’s Wellness rewards card, and from increased pharmacy sales. Rite Aid posted a loss of $51 million in the same period last year and had last reported positive income during the first quarter of fiscal 2008.

Read more: Q4 Sales Up, Profits Down at Stater Bros.

John Standley, Rite Aid’s chief executive officer, in a conference call Thursday described the quarter as “a significant milestone” in its turnaround and announced increased earnings guidance.

Revenues of $6.2 billion were down by 1.2% from the same period a year ago due to closed stores and the effect of additional lower-cost generic drugs.

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