Rite Aid Q2 Adj. Loss Wider Than Estimates; Slashes FY23 Adj. Loss Outlook

RTTNews | 1041日前
Rite Aid Q2 Adj. Loss Wider Than Estimates; Slashes FY23 Adj. Loss Outlook

(RTTNews) - While reporting financial results for the second quarter on Thursday, drugstore chain Rite Aid Corp. (RAD) slashed its outlook for fiscal 2023 net loss primarily due to goodwill impairment charges in the Pharmacy Services Segment and increased impairment charges for closed stores. Meanwhile, it maintained annual revenue forecast.

For fiscal 2023, the company now projects an adjusted loss in a range of $1.52 to $0.97 per share, wider than the previously expected range of $1.19 to $0.66 per share. However, the company maintained its forecast for total revenues between $23.6 billion and $24.0 billion.

On average, analysts polled by Thomson Reuters expect the company to report a loss of $1.39 per share on revenues of $23.36 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported a net loss of $331.3 million or $6.07 per share, sharply wider than $100.3 million or $1.86 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter was $0.63 per share, compared to adjusted income of $0.41 per share in the year-ago quarter.

Revenues for the quarter decreased to $5.90 billion from $6.11 billion in the same quarter last year.

The Street was looking for a loss of $0.55 per share on revenues of $5.77 billion for the quarter.

Retail comparable store prescriptions increased 3.1 percent, while Comparable store acute prescriptions, excluding COVID immunizations, increased 5.3 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

read more
Rite Aid Names Elizabeth Burr As Interim CEO; Reaffirms FY23 Outlook

Rite Aid Names Elizabeth Burr As Interim CEO; Reaffirms FY23 Outlook

Rite Aid Corp. (RAD) announced Monday that its Board of Directors has appointed Elizabeth Burr, a member of the Company's Board, as interim CEO, effective immediately. Burr's appointment follows Heyward Donigan's departure from the Company as President and CEO, and as a member of the Board.
RTTNews | 939日前
Swiss Market Ends Modestly Higher

Swiss Market Ends Modestly Higher

The Switzerland market closed modestly higher on Tuesday after staying positive right through the day's trading session, with investors mostly reacting to the latest quarterly performance of big name companies.
RTTNews | 2時44分前
European Stocks Close Broadly Higher

European Stocks Close Broadly Higher

European markets closed mostly higher on Tuesday, although gains in most of the markets were just marginal or modest, as investors stayed somewhat cautious, reacting to a mixed batch of economic data, and assessing the impact of steep U.S. tariffs on the global economy.
RTTNews | 3時4分前
U.S. Service Sector Growth Unexpectedly Slows In July

U.S. Service Sector Growth Unexpectedly Slows In July

A report released by the Institute for Supply Management on Tuesday unexpectedly showed a modest slowdown in the pace of growth by U.S. service sector activity in the month of July. The ISM said its services PMI edged down to 50.1 in July from 50.8 in June. While a reading above 50 still indicates growth, economists had expected the index to rise to 51.5.
RTTNews | 5時41分前
U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

U.S. Trade Deficit Narrows To $60.2 Billion In June As Imports Plunge

The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday. The Commerce Department said the trade deficit shrank to $60.2 billion in June from a revised $71.7 billion in May.
RTTNews | 6時27分前