Rite Aid has posted a loss for the seventh straight quarter, reports Reuters. Rite Aid's sales fell 1.7% in the fourth quarter.
The No. 3 U.S. drugstore chain's net loss was $2.29 billion, or $2.67 per share, in its fiscal fourth quarter, ended February 28. That compared with a loss of $952.2 million, or $1.20 per share, a year earlier.
Excluding non-cash charges, Rite Aid lost 14 cents per share, worse than the average analyst expectation of a loss of 10.5 cents a share, according to Reuters Estimates.
Rite Aid said fourth-quarter sales fell 1.7 percent to $6.7 billion, as it had fewer stores during the period. Sales at stores open at least a year, or same-store sales, fell 0.1 percent.
Rite Aid plans to close up to 117 stores over the next year according to Forbes.
