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Rite Aid 2Q tops estimate
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November 2, 1999: 1:29 p.m. ET
No. 3 U.S. drugstore chain also restates results for previous quarters
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NEW YORK (CNNfn) - Rite Aid Corp. reported better-than-expected second-quarter results, but the nation's No. 3 drugstore chain also restated results for previous quarters.
The Camp Hill, Pa.-based company had warned on Oct. 11 it would report a hefty loss for its recently ended second quarter.
On Tuesday, Rite Aid posted a second-quarter loss of $15.4 million, or 6 cents per diluted share. The loss reflects pre-tax charges of $29.3 million recorded for impairment of assets and exit costs associated with closing 57 stores during the quarter.
Analysts polled by First Call Corp. expected the company to post a loss of 26 cents per share.
In the year-earlier quarter, the company earned a restated $4.08 million, or 2 cents per share. Those results originally had been reported as a loss of $88.7 million.
Sales for the latest quarter rose to $3.50 billion from $3.01 billion a year ago.
Rite Aid also restated its results for the 26 weeks ended Aug. 29, 1998, from a net loss of $10.4 million to a loss of $21.6 million.
And for the 13 weeks ended May 29, 1999, net earnings were restated from $81 million to $44.4 million.
Last month, Martin L. Grass resigned as chairman and CEO. The company said it would have to restate its fiscal results for the last three years, lowering them by approximately $500 million.
On Monday, the company said it has hired executive search firm Herbert Mines Associates Inc. to conduct a search for a new CEO.
Shares of Rite Aid (RAD) fell 3/16 to 8-3/4 in midday trading. 
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Rite Aid
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