Rite Aid reports a revenue beat, raises guidance

Rite Aid Corp. shares rose 4.8% in Thursday premarket trading after the pharmacy retailer reported first-quarter revenue that beat expectations and raised its full-year guidance. Net loss totaled $110.2 million, or $2.03 per share, after a loss of $13.1 million, or 24 cents per share, last year. Adjusted loss per share of 60 cents was ahead of the FactSet consensus for a loss of 70 cents per share. Revenue of $6.015 billion was down from $6.161 billion last year and beat the FactSet consensus for $5.729 billion. Comparable non-Covid prescriptions were up 11.9%. Revenue for the retail pharmacy segment was down 0.1%, driven by reduced Covid testing and vaccinations. Same-store sales for the retail pharmacy segment was up 4.6%. Pharmacy services revenue was down 7.8% as the company decreased its Elixir Insurance membership. Rite Aid is now guiding for fiscal 2023 revenue between $23.6 billion and $24.0 billion, up from the previous outlook for revenue between $23.1 billion and $23.5 billion, and an adjusted net loss of 66 cents to $1.19 per share. The FactSet consensus is for revenue of $22.913 billion and a loss of $1.41 per share. Rite Aid stock has slumped 54.3% for the year to date.

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