Rite Aid Lowers Its Forecast, Citing ‘Tough Economy’

Rite Aid Corp., the third-largest U.S. drugstore chain, cut its full-year forecast, saying it expects customers will remain focused on discounts in a “tough economy.” The shares declined as much as 14 percent.

The net loss for the fiscal year will be $390 million to $615 million, the Camp Hill, Pennsylvania-based company said today in a statement distributed by Business Wire. Sales will be as much as $26.2 billion, Rite Aid said. In June, the company forecast a loss of $265 million to $490 million.

Sales at stores open for at least a year declined 1.1 percent in the quarter as purchases of non-pharmaceutical goods fell. Consumers are shopping for discounts, which pushed down selling prices, the company said.

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- Posted: 2009-09-24 11:24:02

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