Rite Aid comps increase 1.1% in May

CAMP HILL, Pa. — Rite Aid's same-store sales increased by 1.1% in May, a lower-than-expected increase that may be due to underlying economic and industry factors. The results for the five weeks ended June 2 included a 1.3% increase in front-end comps and a 1% increase in pharmacy sales over May 2011. Same-store prescription count increased 2.6%. Total drug store sales for the period increased 0.3% to nearly $2.5 billion, compared with $2.45 billion in May 2011. Credit Suisse analyst Edward Kelly had projected that Rite Aid's comps would increased by 2% to 2.5%, thanks in part to continued