Shares of Rite Aid (NYSE: RAD) were plunging 29% lower as of 10:58 a.m. ET on Thursday. The steep decline came after the pharmacy retailer announced its fiscal 2023 second-quarter results.

Rite Aid reported Q2 revenue of $5.9 billion, down from $6.1 billion in the prior-year period. The consensus Wall Street estimate was for revenue of $5.77 billion.

The company posted a net loss of $6.07 per share based on generally accepted accounting principles (GAAP). Rite Aid's non-GAAP (adjusted) net loss per share was $0.63. This result was worse than the average analysts' estimate of an adjusted net loss of $0.55 per share.

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Source Fool.com