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Rite Aid disappoints
Rite Aid Corp. reported disappointing first-quarter earnings and sales results in its first quarter amid pressure on pharmacy reimbursement rates. The chain reported a loss of $4.6 million for the quarter ended May 28, after reporting a profit in the same period a year earlier. Excluding certain items, adjusted net income was $14.5 million, or 1 cent per diluted share, compared with 2 cents a year earlier. The results fell short of Wall Street expectations. -
Retail loyalty is big business
Customers who belong to a retailer’s loyalty program spend more — significantly more — than those who do not. That’s according to a new study by Accenture Interactive, which found that members of retailers’ loyalty programs generate between 12% and 18% more revenue for retailers than those who do not belong. The report was based on a survey of U.S. retailers across specialty, big-box, department, drug and convenience stores.

