Rite Aid Stock Has a Lot to Prove on Thursday
Regulators finally gave Rite Aid (NYSE: RAD) clearance for an asset sale last week, but it's apparently a case of "too little, too late" for investors who have seen the drugstore operator get pummeled in recent months. Rite Aid stock tumbled 9% last week, and while it didn't revisit last month's multiyear low,s this is clearly bad momentum heading into Thursday's quarterly report.
Wall Street pros aren't holding out for much. Analysts see Rite Aid breaking even. They also see revenue of $7.83 billion, 2.5% below where it clocked in a year earlier. Revenue will naturally fall sharply in the future after it unloads nearly half of its stores to Walgreens Boots Alliance (NASDAQ: WBA), but Thursday will give Rite Aid its best shot to prove to investors that a scaled-back asset sale can be a good thing for its battered investors.
It sure is cold around Rite Aid these days. Image source: Rite Aid.
Source: Fool.com
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