walgreens boots

Rite Aid Loss Grows In Q1

Rite Aid reported a challenging first quarter with a deeper net loss, following the scrapped merger deal with Walgreens, and the formation of a new pending agreement to sell about half its stores to its drug store rival.

Walgreens, Rite Aid Scrap Merger Plans

Walgreens and Rite Aid have terminated their merger agreement. The decision to terminate the merger agreement follows feedback on the merger’s prospects received from the Federal Trade Commission, Rite Aid said. Rite Aid added that the potential FTC objection led the company to believe that the parties would not have obtained the commission’s clearance to complete the merger.

Merger Process Weighs On Rite Aid Q4 Results

For the 14-week fourth quarter, as its ongoing merger attempt with Walgreens Boots continued, Rite Aid posted a company net loss of $21.1 million, or two cents per diluted share, versus company net earnings of $65.6 million, or six cents per diluted share, in the 13-week period a year earlier.