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Rite Aid Corp

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BUSINESS
June 16, 1998
Rite Aid Corp.'s fiscal first-quarter earnings rose 33%, as expected, to $90.8 million, or 34 cents a diluted share, from a year ago as revenue rose 14% to $3.03 billion. The drugstore retailer also said it will take a charge in the second quarter of $173.8 million for closing some stores, resulting in an unspecified loss.
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BUSINESS
January 13, 2009 | TIMES STAFF AND WIRE REPORTS
Rite Aid Corp. and subsidiaries in California and seven other states will pay $5 million in fines for violating rules designed to control drugs prone to abuse. Federal officials said a Drug Enforcement Administration probe found many instances in which Rite Aid workers filled prescriptions for controlled substances when they knew the prescriptions had no legitimate medical basis. Investigators found significant shortages or surpluses of frequently abused drugs, including oxycodone, in what they said was a "pattern of noncompliance" with the Controlled Substances Act.
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BUSINESS
June 25, 2004 | From Bloomberg News
Rite Aid Corp. had a fiscal first-quarter profit of $63.3 million as sales of generic drugs and its branded goods rose. Net income in the period ended May 29 was 10 cents a share, compared with a loss of $38.8 million, or 8 cents, a year earlier, when the retailer incurred costs to close stores. Revenue rose 4.9% to $4.24 billion, the Camp Hill, Pa., company said. Shares rose 39 cents to $5.38 on the NYSE.
BUSINESS
December 19, 2008 | TIMES WIRE REPORTS
Drugstore chain Rite Aid Corp.'s quarterly loss almost tripled because of interest costs and expenses to close stores. The retailer's third-quarter loss widened to $243.1 million, or 30 cents a share, from $84.8 million, or 12 cents, the Camp Hill, Pa.-based company said. Revenue fell less than 1% to $6.47 billion from $6.5 billion.
BUSINESS
September 24, 2004 | From Bloomberg News
Rite Aid Corp., the No. 3 U.S. drugstore chain, reported an unexpected second-quarter profit of $9.83 million as inventory costs and interest expenses declined. The company broke even on a per-share basis compared with a loss of $10.6 million, or 4 cents, a year earlier, Camp Hill, Pa.-based Rite Aid said. Sales rose 1.8% to $4.12 billion. Shares of Rite Aid, which trails Walgreen Co. and CVS Corp. in sales, fell 18 cents to $3.58 on the NYSE.
BUSINESS
July 11, 2003 | From Bloomberg News
A former Rite Aid Corp. executive pleaded guilty to conspiring to obstruct justice in an accounting fraud case that has led to convictions of four other executives at the third-largest U.S. drugstore chain. Philip Markovitz, 62, who was senior vice president for store development, admitted that he lied to federal investigators and a U.S. grand jury about a backdated letter promising severance pay when he left the company, said Thomas Marino, U.S. attorney in Harrisburg, Pa.
BUSINESS
June 26, 2003 | From Associated Press
The remaining two defendants in the Rite Aid Corp. accounting scandal have agreed to change their not-guilty pleas to conspiring to obstruct justice, a U.S. District Court spokesman said. Franklin C. Brown, the drugstore chain's former chief counsel and board vice president, and Eric Sorkin, who is on administrative leave as the company's vice president for pharmacy purchasing, are scheduled to change their not-guilty pleas at separate hearings today, spokesman Mark Armbruster said.
BUSINESS
September 28, 2007 | From Times Wire Services
Rite Aid Corp. reported a bigger second-quarter loss than analysts had anticipated and forecast a wider loss for the rest of the year. The net loss grew to $69.6 million, or 10 cents a share, from $330,000, or 2 cents, a year earlier. Sales increased 54% to $6.6 billion. The company, based in Camp Hill, Pa., also lowered its sales forecast for the year. Shares of Rite Aid fell 21 cents, or 4.2%, to $4.84.
BUSINESS
April 8, 2005 | From Associated Press
A huge tax credit in the fourth quarter helped Rite Aid Corp. overcome disappointing sales and quadruple its earnings. The drugstore chain reported that it earned $223.4 million, or 35 cents a share, compared with $53.5 million, or 9 cents, a year earlier, after costs for preferred stock dividends. Without the $179.5-million tax credit, the company earned $43.9 million, or 6 cents a share. Revenue dropped to $4.34 billion, down 1% from $4.4 billion last year.
BUSINESS
September 25, 2002 | Bloomberg News
Rite Aid Corp. said its second-quarter loss narrowed as the drugstore chain reduced costs and increased sales of prescription drugs. The loss of $105.3 million, or 21 cents a share, compared with a loss of $245.9 million, or 54 cents, a year earlier. Sales rose 4.5% to $3.86 billion. Rite Aid benefited from lower interest payments after reducing debt last year following an accounting scandal under previous management that forced the company to erase $1 billion in profit in fiscal 1998 and 1999.
BUSINESS
September 28, 2007 | From Times Wire Services
Rite Aid Corp. reported a bigger second-quarter loss than analysts had anticipated and forecast a wider loss for the rest of the year. The net loss grew to $69.6 million, or 10 cents a share, from $330,000, or 2 cents, a year earlier. Sales increased 54% to $6.6 billion. The company, based in Camp Hill, Pa., also lowered its sales forecast for the year. Shares of Rite Aid fell 21 cents, or 4.2%, to $4.84.
BUSINESS
September 22, 2006 | From Bloomberg News
Drugstore chain Rite Aid Corp. said losses narrowed in its fiscal second quarter on an income tax benefit and increased sales of generic drugs. The loss in the three months ended Sept. 2 narrowed to $330,000, or 2 cents a share, from $1.57 million, or 3 cents, a year earlier, the Camp Hill, Pa.-based company said. Sales rose 3.8% to $4.29 billion. The decrease in losses was primarily because of a tax benefit of $3.2 million compared with $2.2 million last year.
BUSINESS
June 23, 2006 | From Bloomberg News
Rite Aid Corp. said first-quarter profit declined more than analysts estimated because of increased rent for new stores. Net income slumped 67% to $11 million, or 1 cent a share, the Camp Hill, Pa.-based company said. Sales in the three months ended June 3 rose 2.7% to $4.34 billion. Rite Aid's costs have climbed as the company added a total of 85 stores in the last five quarters. Chief Executive Mary Sammons has opened more locations to compete with Walgreen Co. and CVS Corp., the top two U.S.
BUSINESS
March 17, 2006 | From Times Wire Reports
Robert Miller, chairman of Rite Aid Corp., will become chief executive of the Albertsons Inc. operations that are being acquired by an investment group headed by Cerberus Capital Management, Cerberus said Thursday. Albertsons, the No. 2 U.S. supermarket operator and the third-biggest in Southern California, is being bought by Supervalu Inc., CVS Corp. and the Cerberus-led investment group in a deal set to close this summer.
BUSINESS
August 12, 2005 | From Associated Press
A federal judge Thursday trimmed a year from former Rite Aid Corp. Chief Executive Martin L. Grass' eight-year sentence for conspiring to obstruct justice and to defraud the nation's third-largest drugstore chain and its shareholders. U.S. District Judge Sylvia H. Rambo said she acted to reduce a disparity between Grass and other defendants sentenced for similar crimes. Grass, 51, smiled and blew a kiss to family members as federal marshals led him from the courtroom.
BUSINESS
June 24, 2005 | From Associated Press
Rite Aid Corp. said Thursday that its fiscal first-quarter earnings and revenue fell because of higher store-closing costs and lower sales stemming from the United Auto Workers' mail-order drug policy. The nation's third-largest drugstore chain also lowered its expectations for fiscal 2006. Its shares fell 44 cents to $4.11. Net income after paying about $8 million in preferred dividends fell to $25.2 million, or 5 cents a share, from $58.3 million, or 10 cents, a year ago, the company said.
BUSINESS
April 9, 2004 | From Bloomberg News
Rite Aid Corp., the third-biggest U.S. drugstore chain, said fourth-quarter profit jumped more than eightfold as costs from store closings fell and sales of generic drugs and its own branded merchandise rose. Net income increased to $59.1 million, or 9 cents a share, from $7 million, or a loss of 2 cents a share after the payment of preferred dividends, a year earlier, the Camp Hill, Pa.-based company said. Sales in the period ended Feb. 28 rose 6.2% to $4.4 billion.
BUSINESS
June 26, 2002 | Bloomberg News
Rite Aid Corp., whose former executives were indicted last week on charges of accounting fraud, had its first profit in four years. Fiscal first-quarter net income was $2.58 million, or a loss of 1 cent a share after the payment of preferred dividends, contrasted with a net loss of $211.1 million, or 56 cents, a year earlier, the company said. Sales rose 5.8% to $3.93 billion. Rite Aid said it benefited from asset sales and tax credits in the most recent quarter.
BUSINESS
April 8, 2005 | From Associated Press
A huge tax credit in the fourth quarter helped Rite Aid Corp. overcome disappointing sales and quadruple its earnings. The drugstore chain reported that it earned $223.4 million, or 35 cents a share, compared with $53.5 million, or 9 cents, a year earlier, after costs for preferred stock dividends. Without the $179.5-million tax credit, the company earned $43.9 million, or 6 cents a share. Revenue dropped to $4.34 billion, down 1% from $4.4 billion last year.
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