HARRISBURG, Pa (AP) -- Rite Aid Corp. swung to a big first-quarter loss as it spent heavily to absorb more than 1,850 newly acquired stores and offered promotions on food and toiletries that hurt profits.

The nation's third-largest drugstore chain also said Thursday that it has turned around the declining sales in the Brooks and Eckerd stores acquired last year. It is several months away from full integration.
Still, the quarterly loss was Rite Aid's fourth in a row and its shares tumbled to a 52-week low in trading Thursday, losing 40 cents, or almost 23 percent, to $1.35. Shares have traded as high as $6.51 over the past year.
After paying preferred stock dividends, Rite Aid's loss totaled $162.8 million, or 20 cents a share, compared with a profit of $19.5 million, or 4 cents a share, in the same period a year earlier.
Complete integration and remodeling of the acquired stores is expected by October, and Rite Aid converted all of the Brooks and Eckerd store systems during the quarter, Rite Aid said.
""While the business environment remains challenging, we expect that completing the minor remodels, sales turning positive in the acquired stores and new pharmacy and front-end initiatives will contribute significantly to strong results in the second half of the fiscal year,"" said Rite Aid's Chairman and CEO Mary Sammons.