Rite Aid beats 4Q profit forecasts, sales fall brief

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Source:   —  April 07, 2016, at 3:29 PM

on Thursday reported a better-than-expected profit for its fourth quarter, but sales fell brief of forecasts and a key sales measure declined.

Rite Aid beats 4Q profit forecasts, sales fall brief

Rite Aid Corp. on Thursday reported a better-than-expected profit for its fourth quarter, but sales fell brief of forecasts and a key sales measure declined.

The Camp Hill, PA company is in the process of being acquired by rival Walgreens for about $9.41 billion in cash. The deal is being reviewed by regulators and the companies said they expect it to near in the second half of the year.

The drugstore chain reported a steep drop in net income to $65.six million. That was down from $one.83 billion a year ago when its results reflected a $1.seven billion tax benefit.

Its earnings per share, adjusted for one-time gains and costs, came to 7 cents per share. That beat the average estimate of 6 cents per share by four analysts surveyed by Zacks Investment Research.

Income rose twenty-one % to $eight.27 billion in the period, but that fell brief of Str forecasts. Three analysts surveyed by Zacks expected $8.47 billion.

Same-store sales, which is a key measure of a retailer'south health, fell less than 1 % overall on a mix of lower front finish sales and generic drugs impacting the cost of pharmaceutical sales.

For the year, the company reported profit of $165.5 million, or sixteen cents per share. Income was reported as $30.74 billion.

Rite Aid shares rose a penny to $8.14 in premarket trading Thursday about ninety minutes before the market open. They've increased roughly four % since the beginning of the year. The stock has fallen 8 % in the last twelve months.

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Elements of this legend were generated by Automated Insights (http://automatedinsights. com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RAD at http://www. zacks. com/ap/RAD

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