UPDATE: Rite Aid Posts Drop In Q1 Earnings

Rite Aid (NYSE: RAD) reported a drop in its first-quarter earnings. Rite Aid's quarterly profit declined to $41.4 million, or $0.04 per share, from a year-earlier profit of $89.7 million, or $0.09 per share. Its revenue surged 2.7% to $6.47 billion versus $6.29 billion. However, analysts were projecting earnings of $0.04 per share on revenue of $6.43 billion. Adjusted EBITDA fell to $282.6 million from $344.8 million.Rite Aid's same store sales jumped 3.1%, while same store sales at pharmacies gained 4.6% in the period.Rite Aid acquired 1 store and closed 7 stores in the quarter.The company's press release offered the following comment from Rite Aid Chairman and CEO John Standley:“In the first quarter, we delivered a strong store operating performance, highlighted by increases in same-store sales and same-store prescription count.” Rite Aid reaffirmed its forecast for fiscal 2015.Rite Aid shares gained 1.48% to $7.55 in pre-market trading.