Rite Aid Boosts FY22 Revenues Outlook As Q1 Results Come Above Estimates
(RTTNews) - While reporting financial results for the first quarter of fiscal 2022 on Thursday, drugstore chain Rite Aid Corp. (RAD) raised it total revenue guidance for the full-year 2022, due to increased utilization of higher cost drugs at Elixir.
For fiscal 2022, the company now projects an adjusted loss in a range of $1.19 to $0.66 per share on total revenues between $23.6 billion and $24.0 billion.
Previously, the company expected an adjusted loss in the range of $1.06 to $0.53 per share on total revenues between $23.1 billion and $23.5 billion.
On average, analysts polled by Thomson Reuters expect the company to report a loss of $1.41 per share on revenues of $22.91 billion for the year. Analysts' estimates typically exclude special items.
For the first quarter, the company reported a net loss of $110.19 million or $2.03 per share, sharply wider than $13.06 million or $0.24 per share in the prior-year quarter.
Excluding items, adjusted loss for the quarter was $0.60 per share, compared to adjusted income of $0.38 per share in the year-ago quarter.
Revenues for the quarter decreased to $6.01 billion from $6.16 billion in the same quarter last year.
The Street was looking for a loss of $0.70 per share on revenues of $5.73 billion for the quarter.
Rite Aid Names Elizabeth Burr As Interim CEO; Reaffirms FY23 Outlook
Rite Aid Q2 Adj. Loss Wider Than Estimates; Slashes FY23 Adj. Loss Outlook
European Shares Drift Lower Ahead Of US Inflation Reading
Antipodean Currencies Rise As Traders Await U.S. PCE Inflation Data
Asian Shares Mixed Ahead Of US PCE Inflation Data
NZ Dollar Advances Against Majors
Australian Dollar Rises Against Majors
