Why Rite Aid Is Sinking This Week
Rite Aid (NYSE: RAD) stock was humming merrily along in the early part of this week, before it suddenly fell off a cliff Thursday. After the company reported its latest set of earnings that morning, the shares dived into negative territory on a week-to-date basis.
Rite Aid's first quarter of fiscal 2022 was actually quite encouraging. Revenue for the big pharmacy chain operator crept 2% higher year over year to $6.16 billion, slightly exceeding the $6.13 billion average analyst estimate. That was due largely to an almost 6% rise in revenue in the core retail pharmacy segment, which comprised over 70% of total revenue.
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Source Fool.com
