News

Another profitable quarter, Rite Aid breaks out

Written by The Associated Press | Apr 10, 2014 8:12 AM

(Camp Hill) -- Rite Aid is out of the recovery ward and appears ready to break into a sprint after booking its sixth-straight quarterly profit and announcing an acquisition that will expand its foothold in the

riteaid.jpg

Photo by Ildar Sagdejev/wiki Commons

burgeoning health care market.

Shares, which had slumped below $1 by the end of 2012, jumped 8 percent in premarket trading to $6.92 after the retailer topped Wall Street expectations for the fourth-quarter.

The Cumberland County based company earned $56.7 million, or 6 cents per share, beating analyst projections by 2 cents. Revenue of $6.6 billion also edged out expectations.

Rite Aid Corp. is also announcing the acquisition of RediClinic. The company plans to expand the small chain of retail health clinics based in Texas.

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