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Generics Sales Boost Rite Aid

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Generics Sales Boost Rite Aid
AIRED:
Rite Aid was right about its quarterly earnings forecast, posting profit for the third straight quarter after years of losses. The drugstore chain earned $89.7 million. Helping boost earnings: generic drugs, which are more profitable than brand name drugs. The company's gross margins rose to nearly 29 percent from 27 percent. But generics are also cheaper in price, and that caused revenues to drop. And sales at stores open at least a year fell 2-and-a-half percent in the fiscal first quarter.moreless
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