Rite Aid CFO Comments on Store Closings

Drugstore operator Rite Aid Corp. has been working to improve store performance and cut debt. The Camp Hill, Pa., company said Thursday it closed 14 stores in its fiscal third quarter, leaving it with 4,801 at the end of November.

Rite Aid has closed 116 stores so far this year and plans to shut 134 in fiscal 2010, which ends in February. CFO Frank Vitrano discussed the closures in a conference call with analysts Thursday.

QUESTION: Do you have a rough number on the amount of stores you plan to close next year? What are your new store plans for fiscal 2011?

RESPONSE: We're still fine tuning that. In terms of the overall store closing, what we closed this year would probably be on the high end of what we would expect to close next year. And on the next call, we'll give some more color around what the new and relocated store program is going to look at.

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