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Retail

Drug Retailer Rite Aid's Revenue Misses Estimates

Drug retailer Rite Aid, which is being bought by US grocer Albertsons Cos. Inc., posted smaller-than-expected fourth-quarter revenue, hurt by a decline in reimbursement rates and prescription volumes.

Revenue fell to $5.39 billion from $5.90 billion, missing the average analyst estimate of $5.57 billion, according to Thomson Reuters I/B/E/S.

The company posted net loss from continuing operations of $483.7 million, or 46 cents per share, for the quarter ended 3 March, compared with a loss of $25.1 million, or 2 cents per share, a year earlier.

The loss includes $325 million of income tax expense related mainly to the revaluation of the company's deferred tax assets in connection with the new US tax law.

Excluding one-time items, Rite Aid reported a loss of 1 cent per share.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine. 

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