Revenue for the quarter ending Aug. 28 was $6.2 billion, compared with $6.3 billion a year earlier, the company said in a statement. Same store sales fell 1.5%.
"While reimbursement pressures are still challenging, our pharmacy margin rates have begun to stabilize," CEO John Standley said.
Rite Aid now expects a loss of between 46 cents and 67 cents per share for fiscal 2011, with sales of between $25 billion and $25.4 billion. Same store sales are expected to be fall as much as 1.5%.