Rite Aid Earnings: Here’s Why Investors are Excited Now
Rite Aid Corp. (NYSE:RAD) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 11.59%.
Rite Aid Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.03 in the quarter versus EPS of $-0.05 in the year-earlier quarter.
Revenue: Rose 0.76% to $6.28 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Rite Aid Corp. reported adjusted EPS income of $0.03 per share. By that measure, the company beat the mean analyst estimate of $-0.04. It beat the average revenue estimate of $6.27 billion.
Quoting Management: “We posted excellent results in the second quarter, highlighted by another quarter of net income and an all-time company record for second-quarter Adjusted EBITDA,” said Rite Aid Chairman and CEO John Standley. “As we continue to improve our operational and financial performance, we are also making tremendous progress in transforming our more than 4,600 stores into true neighborhood destinations for health and wellness, as indicated by our successful launch of the wellness65+ loyalty program for seniors, a strong start to our flu immunization campaign and the completion of our 1,000th wellness store remodel.”
Key Stats (on next page)…