Rite Aid shares sink 12% after wider-than-expected losses [MarketWatch]
Rite Aid Corporation (RAD)
Last rite aid corporation earnings: 4/16 07:00 am
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Source: MarketWatch
Rite Aid Corp. shares sank 12.6% in Thursday premarket trading after the pharmacy retailer reported wider-than-expected losses in the fourth quarter. Net loss totaled $324.7 million, or $6.08 per share, after a loss of $273.0 million, or $5.15 per share, last year. Adjusted loss was 37 cents versus the FactSet consensus for a loss of 15 cents per share. Revenue of $5.73 billion was up from $5.38 billion last year and ahead of the $5.59 billion FactSet consensus. Retail pharmacy revenue was $3.99 billion, up 0.6% from last year, while pharmacy services revenue was $1.8 billion, up 23.1% year-over-year. Retail pharmacy same-store sales rose 1.6%. The FactSet consensus was for a same-store sales increase of 2.4%. Rite Aid has taken a number of steps amid the coronavirus pandemic, including announcing plans to hire 5,000 full-time and part-time workers and offering worker bonuses and increased employee discounts. The company said it saw comparable front-end sales rise 33% in March due to
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