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Jean Coutu reduces stake in Rite Aid
New York -- Canada’s Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.
The Canadian retailing group said the $83.6 million sale, which amounts to a 23.9%% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.
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Rite Aid narrows Q4 loss, to emphasize remodels in 2013
Camp Hill, Pa. -- Rite Aid Corp. reported Thursday that it narrowed its loss in the fourth quarter to $163.8 million, from a loss of $205.7 million in the year-ago period.
Revenue rose 10.7% to $7.15 billion from $6.46 billion, beating Wall Street’s expected $7.12 billion in revenue. Same-store sale increased 3%.
For the full year, Rite Aid reported a loss of $368.6 million and revenues of $26.1 billion.