Rite Aid posted Wednesday morning a narrower loss of $73.7 million, or 9 cents per share in its fiscal first quarter, compared to last year's first quarter net loss of $98.4 million, or 11 cents per share. The narrower loss was the result of a decrease in selling, general and administrative expense and lower charges related to store closings contributed to the decrease in net loss. Analysts had expected a loss of 14 cents per share.
If you're a high-roller looking for a little action, Rite Aid's sell-off could be a buying opportunity. But sober types best stay away. The No. 3 drugstore chain is bleeding red ink, its balance sheet is a mess, sales are falling and it's closing stores.