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Rite Aid reports first profit in five years
CAMP HILL, Pa. — Rite Aid beat analyst expectations in third quarter 2013 as the generic wave and retention of Express Scripts customers helped drive better-than-expected adjusted EBIDTA and produced the company's first profitable quarter in five years.
"I am proud that we have achieved this significant milestone by putting our customers first and challenging ourselves to better serve them," Rite Aid president, chairman and CEO John Standley said in a conference call with Wall Street analysts Thursday morning.
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Rite Aid swings to profit in Q3, lifts forecast
Camp Hill, Pa. -- Rite Aid Corp. reported Thursday a profit of $60.5 million for the quarter ended Dec. 1, compared with a year-earlier loss of $54.5 million and marking the first time since quarter-ended May 2007 that the drugstore retailer has turned a profit.
Rite Aid also raised its forecast for the year, abandoning earlier forecasts of a loss for the year and instead suggesting that the company may turn an annual profit.