Rite Aid pares loss, reduces spending

Published 5:00 am Thursday, June 25, 2009

NEW YORK — Drugstore operator Rite Aid Corp. said Wednesday it narrowed its fiscal first-quarter loss by closing stores and trimming costs, and making progress as it works to eliminate $6 billion in debt.

The loss of $98.4 million, or 11 cents per share, came in under Wall Street estimates of 13 cents per share. A year ago, Rite Aid posted a loss of $156.6 million, or 20 cents per share.