Rite Aid loss narrows loss in Q1

Camp Hill, Pa. -- Rite Aid Corp. reported Thursday that it narrowed its loss in the first quarter to $28.1 million, from a loss of $63.1 million in the year-ago quarter. Revenue rose 1.2% to $6.5 billion from $6.4 billion, edging Wall Street’s forecasted $6.47 billion in revenue. Same-store sales increased 2.5% in the quarter. “Our turnaround efforts continue to be successful as demonstrated by our sixth consecutive quarter of increased same-store sales,” said Rite Aid chairman, president and CEO John Standley. “The ground-breaking Wellness store format continued to gain traction.”