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Rite Aid profit misses consensus by 19.2% in fiscal Q1

Rite Aid Corp. said its normalized net income for the fiscal first quarter ended May 31 was 4 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

EPS fell 41.7% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $36.1 million, a decrease of 41.4% from $61.7 million in the first quarter ended June 1, 2013.

The normalized profit margin fell to 0.6% from 1.0% in the year-earlier period.

Total revenue grew year over year to $6.47 billion from $6.29 billion, and total operating expenses increased from the prior-year period to $6.31 billion from $6.08 billion.

Reported net income declined 56.2% year over year to $39.9 million, or 4 cents per share, from $91.0 million, or 9 cents per share.