Rite Aid 4Q profit soars, tops Street forecasts

April 8, 2015 1:33 PM

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A $1.72 billion tax break and strong sales from established stores helped earnings for the drugstore chain Rite Aid soar in the fiscal fourth quarter.

The Camp Hill, Pennsylvania, company said Wednesday that a "last-in-first-out," or LIFO, inventory credit of $23.5 million also boosted pre-tax income in the quarter. That compares to a $44.1 million LIFO charge in the previous year's quarter.

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