Why Rite Aid Stock Is Sinking Today
Shares of Rite Aid (NYSE: RAD) were sinking 8% as of 11:06 a.m. EDT on Thursday. The decline came after the pharmacy chain announced its second-quarter earnings results before the market opened.
Revenue from continuing operations in the second quarter was $6.11 billion, up 2.2% year over year. This fell short of the Wall Street consensus estimate of $6.21 billion.
The company announced an adjusted net loss from continuing operations in the second quarter of $22 million, or $0.41 per share. This reflected significant deterioration from Rite Aid's adjusted net income of $13.5 million, or $0.25 per share, in the prior-year period. However, the adjusted net loss came in better than the average analysts' estimate of a net loss of $0.48 per share.
Source Fool.com
