Rite Aid Q1 Net Loss Widens

(RTTNews) - Rite Aid Corp. (RAD) Thursday reported first quarter net loss of $75.3 million or $0.07 per share, wider that the net loss of $4.6 million or $0.00 per share last year. Adjusted net loss for the quarter was $52.4 million, or $0.05 per share.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.01 per shares. Analysts estimates usually exclude special items. The first quarter results were impacted by changes in differed taxes and wider loss on sale of assets.

Revenue for the first quarter was $7.8 billion, down from $8.2 billion in the prior year. Wall Street expected revenue of $8.17 billion.

Same store sales for the quarter decreased 3.9 percent over the prior year.

The company also announced that it has agreed with Walgreens Boot Alliance to sell 2,186 Rite Aid Stores and assets for $5.175 billion. The proceeds will be used to reduce debt and strengthen balance sheet.