Rite Aid lowers guidance
This article was originally published in The Tan Sheet
Drug store chain revises fiscal 2005 sales and earnings guidance to reflect slowing Rx sales growth, lower third-party reimbursement rates and the growing impact of mail-order competition. The firm expects sales of approximately $17 bil. with net earnings between $122 mil. and $150 mil., a decrease from the previously forecasted $17.1 bil. to $17.3 bil. with earnings in the $121 mil. to $167 mil. range. Though Rite Aid is "disappointed" with the downward trend, the chain is addressing the issues in the near-term with a TV ad campaign, "an aggressive pharmacy customer acquisition program in key markets and an increased emphasis on prescription file buys," according to CEO Mary Sammons...
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