Rite Aid Corp. reduces 2008 profit forecast to about 24.3 billion dollars

By Alexandra Steblinina. Rite Aid Corp.’s 2008 profit outlook decreased sharply and third-quarter loss widened.

Photo: Rite Aid Corp. reduces 2008 profit forecast to about 24.3 billion dollars

Revenues for the third quarter were $6.52 billion – lower than predicted.

Now the company forecasts fiscal 2008 sales to be between 24.3 billion dollarsand 24.6 billion dollars.  

Rite Aid is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid is the largest drugstore chain on the East Coast and the third largest drugstore chain in the U.S.

The company is publicly traded on the New York Stock Exchange under the ticker RAD. Rite Aid began in 1962 as a single store opened in Scranton, Pennsylvania called Thrif D Discount Center. After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. Rite Aid is headquartered in Camp Hill, a suburb of Harrisburg, Pennsylvania.

Rite Aid reported total sales of USD $16.5 billion in fiscal 2004. As of 2005, its market capitalization was about $2 billion. Rite Aid is a Fortune 500 company.

Its major competitors include CVS and Walgreens.