Midstate-based Rite Aid lowers fiscal 2015 earnings forecast

Written by The Associated Press | Jun 6, 2014 2:41 AM

(Camp Hill) -- Cumberland County-based Rite Aid Corporation has lowered its earnings expectations for fiscal 2015 after the drugstore chain experienced higher-than-expected drug costs and reimbursement rate reductions in its recently concluded quarter.

The nation's third largest drugstore chain says it now expects to earn between $298 million and $408 million, or 30 cents to 40 cents per share, in fiscal 2015. In April, it had forecast earnings of $313 million to $423 million, or 31 cents to 42 cents per share.

According to FactSet, analysts expect, on average, 39 cents per share.

Rite Aid also says it expects adjusted earnings in its fiscal first quarter, which ended May 31st, to trail its performance in last year's quarter. It will report results from the latest quarter on June 19th.

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