September 24, 2004 |
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.
July 11, 2003 |
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.
June 26, 2003 |
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.
April 8, 2005 |
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.
September 25, 2002 |
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.
April 9, 2004 |
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.