Investors are expecting the worst from

Rite Aid

(RAD) - Get Report

.

The drugstore is set to report its quarterly numbers on Wednesday ... and it doesn't look pretty. As a result, shares of the company tumbled 2.4% to $1.23 in afternoon trading.

Analysts are expecting a loss of 13 cents a share and $6.55 billion in revenue.

Rite Aid has already announced plans to close 117 stores and reduce expenses in an effort to return to profit. The company has been weighed down by its acquisition of Brooks Eckerd two years ago, which have seen struggling sales.

May same-store sales surprisingly edged up .6%, but still missed analysts' expectations.

The company is also looking for ways to reduce its debt. Earlier this month Rite Aid said it plans to

offer $400 million in senior secured notes

, due in 2016, as part of a refinancing plan. If the refinancing is a success it would leave flailing Rite Aid debt-free until 2012.

Goldman Sachs analyst John Heinbockel said the company is completing its 2010 refinancing well ahead of expectations due to a more favorable credit market, and "growing confidence in the company's turnaround efforts."

Looking forward, Rite Aid expects a full-year loss of between 26 cents and 53 cents a share. Revenue is estimated at $26.3 billion to $26.7 billion, while same-store sales should rise in the range of .5% to 2.5%.

Earlier this week, rival

Walgreen

(WAG)

posted a

9% dip in third-quarter profit

, hurt by non-pharmacy items like hair care and cosmetics.

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