Rite Aid loses $960 million due to tax charge

April 10, 2008 3:02:33 PM PDT
Rite Aid Corp. says it lost a little more than $960 million in its fourth quarter, mostly the result of a non-cash income tax charge. The nation's third-largest drugstore chain said Thursday that the fourth-quarter loss amounts to $1.20 per share for the three months ending March 1. It earned $7.1 million, or a penny a share, a year ago.

Not counting the income tax charge, the Camp Hill, Pa.-based company said it would have lost $65.5 million, or 8 cents a share. in the latest period.

Revenues rose 50 percent to $6.82 billion, primarily due to last year's acquisition of 1,850 Brooks and Eckerd stores. Analysts expected slightly higher revenue of $6.87 billion.