Rite Aid Predicts Wider Loss Than Analysts’ Estimate

Rite Aid Corp., the third-largest U.S. drugstore chain, forecast a full-year loss that was wider than analysts predicted after profit on generic drugs decreased. The shares fell the most in six months in New York trading.

The loss for this year will be as much as 65 cents a share, the Camp Hill, Pennsylvania-based company said today in a statement. Eight analysts estimated 37 cents, on average, in a Bloomberg survey.

In the fourth quarter, the company had less profit on new generic drugs and received lower payments from insurers and government drug-reimbursement programs, according to the statement. Rite Aid trails CVS Caremark Corp. and Walgreen Co. in sales.

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- Posted: 2010-03-31 12:00:44

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