Rite Aid posts $9.8 million gain in second quarter

Thursday, September 23rd 2004, 11:00 am

By: News On 6

HARRISBURG, Pa. (AP) _ Rite Aid Corporation, the nation's third-largest drug store chain, is reporting a second-quarter profit of nine-point-eight (m) million dollars today.

The Pennsylvania-based company cited better cash flows and a reduction in inventory expenses.

The gain for the three months ending August 28th did not amount to a per-share gain or loss.

That's slightly better than the expectations of analysts surveyed by Thomson First Call, who predicted a one cent loss.

In the same period a year ago, the company reported a loss of ten-point-six (m) million dollars, or four cents a share.

Rite Aid's president and chief executive Mary Sammons says the improvement is in line with expectations as the company looks to expand in the second half of the year.

Revenues increased slightly to four-point-one-two (b) billion dollars, from four-point-oh-five (b) billion dollars a year ago.

Stores in operation at the end of the quarter totaled 3,370.