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April 11, 2008

Acquirer of Brooks drug stores posts loss

Rite Aid Corp. reported a fourth-quarter loss of $960.4 million, largely due to costs from the acquisition of 1,850 Brooks and Eckerd stores it acquired last June.

Pharmacies across the state that had been branded Brooks stores are now Rite Aid.

The company, based in Pennsylvania, said it expects to lose money in fiscal 2009 for a third straight year and that sales would be below what analysts are predicting.

Rite Aid blamed a tough economy and spending to integrate the Brooks and Eckerd in an effort to keep pace with its larger rivals, Walgreen Co. and CVS Caremark Corp.

Shares in Rite Aid (RAD:NYSE) closed yesterday at $2.60, off 14 cents.

-- Journal business editor John Kostrzewa

Posted by Brandie Jefferson  at 10:09 AM | Permalink

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