Rite Aid trims 1Q loss by reducing selling costs

June 23, 2010 7:44:20 AM PDT
NEW YORK (AP) - Drugstore operator Rite Aid Corp. says it reduced its losses in the fiscal first quarter as it cut back on selling, general and administrative costs.

The Camp Hill, Pa., chain says it lost $73.7 million, or 9 cents per share, in the quarter ended May 29. That compares with $98.4 million, or 11 cents per share, a year ago. Revenue fell 2 percent to $6.39 billion from $6.53 billion as the company closed stores and dealt with a weak economy.

Thomson Reuters says analysts expected a loss of 14 cents per share and $6.4 billion in revenue.

Rite Aid says revenue in stores open at least a year fell 1 percent.

The company is backing its fiscal 2011 forecasts. Rite Aid runs 4,767 stores.