Rite Aid Corp., the third-biggest U.S. drugstore chain, hired new operating and finance chiefs after reporting its fifth straight unprofitable quarter and widened its projected loss for the year.
The second-quarter net loss more than doubled to $222 million, or 27 cents a share, from $69.6 million, or 10 cents, in the year-earlier period, because of declining sales and higher financing costs, the company said Thursday in a statement. Rite Aid, which is based in Camp Hill, Pa., fell 4.2 percent in New York trading.
John Standley, who will serve as president, and incoming Chief Financial Officer Frank Vitrano face the task of improving the 1,800 Brooks and Eckerd stores bought in June 2007, even as U.S. consumer spending slows. Chief Executive Officer Mary Sammons said it's taking longer than planned to turn the locations around and win back customers.