Drugstore chain Rite Aid (RAD) - Get Report on Thursday reported fiscal third quarter results that came in below analysts' expectations.

For the quarter ended Nov. 26, Camp Hill, Pa.-based RiteAid reported adjusted net income per diluted share of 2 cents and revenue of $8.1 billion, compared to 8 cents and $8.2 billion in the year-ago period. Analysts had forecast EPS of 4 cents and revenue of $8.2 billion, according to FactSet.

Same-store sales during the quarter declined 3.4% year-over-year.

The company's Q3 results came two days after the company, along with Fred's (FRED) , Walgreens Boots Alliance (WBA) - Get Report , unveiled an agreement to sell 865 Rite Aid stores to Fred's for $950 million in cash. The transaction is aimed at obtaining the green light from the Federal Trade Commission on Walgreens' plan to acquire Rite Aid, a $9.5 billion merger announced in October 2015.

"Despite the difficult operating environment created by the extended duration of the merger process with WBA, our third quarter results show solid performance in our front-end business, good cost control and continued strong growth at our pharmacy benefit manager, EnvisionRx," said RiteAid chairman and CEO John Standley in a statement on Thursday.

"Reimbursement rates remain our largest challenge and we expect that to continue for the remainder of the fiscal year," Standley said.

Shares of Rite Aid were trading at $8.43 on Thursday morning, down about 0.5%.

Rite Aid has 4,547 stores in 31 states and the District of Columbia.