Rite Aid narrows loss in Q2

Camp Hill, Pa. -- Rite Aid Corp. reported Thursday that it narrowed its loss in the quarter ended Aug. 27 to $94.7 million, from $199.3 million in the year earlier period.



Revenue rose 1.8% in the quarter to $6.3 billion, and same-store sales – as previously reported – increased 2.2%.



The drugstore retailer has modified its outlook, now expecting smaller losses for fiscal 2012 than originally anticipated.



“We are pleased with the continued improvement in our top-line results, highlighted by three consecutive quarters of same-store sales growth,” said John Standley, Rite Aid president and CEO.



Rite Aid launched the rollout of its new wellness store format in the second quarter, with 40 wellness stores completed as of the end of the second quarter. Also during the quarter, the company relocated five stores, remodeled 35 stores and closed seven.