Rite Aid Profit Soars on Large Tax Benefit
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Rite Aid Corp.’s earnings soared in its fiscal fourth quarter on the strength of a huge income tax benefit and improving pharmacy sales, the U.S.’ third-largest drugstore chain reported.
Rite Aid earned $1.25 billion, or $1.83 a share, for the three months ended March 4, up from $223 million, or 35 cents, a year earlier. Revenue rose 10% to $4.77 billion.
The latest results included a tax benefit of $1.23 billion, or $1.82 a share, and $20 million, or a penny a share, that had been set aside pending a federal investigation into the activities of the company’s previous management that closed without a fine.
Rite Aid’s shares rose 6 cents to $4.07.
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