By Alexandra Steblinina. Rite Aid Corp.’s 2008 profit outlook decreased sharply and third-quarter loss widened.
Revenues for the third quarter were $6.52 billion – lower than predicted.
Now the company forecasts fiscal 2008 sales to be between 24.3 billion dollarsand 24.6 billion dollars.
Rite Aid is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid is the largest drugstore chain on the East Coast and the third largest drugstore chain in the U.S.
The company is publicly traded on the New York Stock Exchange under the ticker RAD. Rite Aid began in 1962 as a single store opened in Scranton, Pennsylvania called Thrif D Discount Center. After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. Rite Aid is headquartered in Camp Hill, a suburb of Harrisburg, Pennsylvania.
Rite Aid reported total sales of USD $16.5 billion in fiscal 2004. As of 2005, its market capitalization was about $2 billion. Rite Aid is a Fortune 500 company.
Its major competitors include CVS and Walgreens.
Representatives of the Israeli Defence Ministry responded to recent reports about the possible delivery of S-300 SAM systems from Russia to Syria. Israeli Defence Minister Avigdor Lieberman said that Israel would destroy those systems
Russia is to start supplying S-300 air defence systems to Syria in the near future. The shipments will be conducted free of charge