Rite Aid Cuts 2010 Outlook

Rite Aid stock is falling after the drugstore lowers its full-year outlook and says fourth-quarter sales will miss estimates.
By Jeanine Poggi ,

NEW YORK (

TheStreet

) --

Rite Aid

(PIR) - Get Report

cuts its full-year outlook after reporting yet another loss in its third quarter.

The drugstore chain now expects a loss of 60 cents to 74 cents a share in 2010, and also said that fourth-quarter same-store sales will miss estimates. Wall Street is predicting a much smaller loss of 57 cents a share for the year.

The news sent shares tumbling 3.3% before the bell to 88 cents.

In its third quarter, Rite Aid narrowed its loss to $79.1 million, or 9 cents a share, compared with a loss of $83.9 million, or 10 cents, in the year-ago period. Analysts were calling for a bigger loss of 13 cents a share.

Sales declined to $6.2 billion from $6.35 billion, while same-store sales sank 1.3%.

-- Reported by Jeanine Poggi in New York.

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