Rite Aid reported third-quarter earnings and sales that exceeded analysts’ expectations.
The pharmacy retail company’s adjusted earnings for the quarter came in at 40 cents a share, compared to 2 cents expected by analysts.
Revenue rose +12% year-over-year to $6.12 billion, also topping analysts’ forecast of $5.84 billion.
For its fiscal 2021, Rite Aid hiked its revenue guidance to between $23.9 billion and $24.2 billion (from its prior projection of $23.5 billion and $24 billion). It expects same- store sales growth to range between 3.5% and 4.5%, (from its prior guidance of between 3% and 4%. ).
"We are pleased with our third-quarter performance as we continue to grow our business and achieve major physical and digital milestones through our RxEvolution strategy," said Rite Aid CEO Heyward Donigan. Donigan also mentioned the launch of the company’s new brand and logo, and said that the company has made “substantial progress” in evolving its merchandise mix to support whole health.
an operator of retail drug stores
Industry DrugstoreChains