Rite Aid Corp.reported net income of $61.9 million during the fiscal third quarter that ended Dec. 1 — the company’s first quarterly profit in more than five years.
Officials said results were aided by improved front-end sales, particularly from customers using the retailer’s Wellness+ rewards card, and from increased pharmacy sales. Rite Aid posted a loss of $51 million in the same period last year and had last reported positive income during the first quarter of fiscal 2008.
John Standley, Rite Aid’s chief executive officer, in a conference call Thursday described the quarter as “a significant milestone” in its turnaround and announced increased earnings guidance.
Revenues of $6.2 billion were down by 1.2% from the same period a year ago due to closed stores and the effect of additional lower-cost generic drugs.