Rite Aid Proves It's Here to Stay.(Brief Article)(Statistical Data Included)

CAMP HILL, Pa. -- Reduced debt and consistently strong sales have raised hope that Rite Aid Corp. is here for the long haul.

The drug chain's debt has been cut by over $1.9 billion since last June, including $763.5 million in March alone. The March payment, which chairman and chief executive officer Bob Miller hailed as "yet another positive step in Rite Aid's turnaround plan," reduced the company's annual interest payments by $34.3 million.

An earlier major step was last year's settlement of class-action shareholder litigation against the chain. The settlem