Rite Aid Posts Loss; Sales Down

Drugstore chain Rite Aid has posted a quarterly loss today and lowered its financial forecast for the rest of the year, citing the tough economic times and rising unemployment for its dire straits. According to Rite Aid, sales have fallen sharply, especially for non-pharmacy goods like food and cosmetics.
 
While Rite Aid has been in the process of implementing a new reward program, its rivals have been spending more money on promotion. Profit margins for pharmacies have also fallen due to lower reimbursement rates, and all of these trends are expected to continue at least into the holiday season, meaning that …read more