Rite Aid exceeds 2Q expectations
Rite Aid topped Wall Street expectations for the fiscal second quarter and gave a revised annual forecast, one quarter after withdrawing it due to COVID-19 uncertainty.
The drugstore chain said its quarterly loss shrank to $13.2 million from $79.3 million in the previous year’s quarter. An income tax drop, an inventory credit and pharmacy sales growth helped.
Earnings, adjusted for one-time gains and costs, totaled 25 cents per share. Revenue grew more than 11% to $5.98 billion.