RAD said it now expects to earn between 30 cents and 40 cents per share this year. That’s down from earlier RAD guidance that predicted a profit of between 31 cents and 42 cents per share, the Wall Street Journal notes.
For the fiscal first quarter, RAD forecast a profit of 4 cents a share. That is well below the earnings of 8 cents per share that analysts had estimated.
Same-store sales during the first quarter climbed 3.1% over the prior year, with RAD pharmacy sales up 4.6% and front-end sales flat. RAD indicated that total sales at Rite Aid stores during the quarter were $6.43 billion, up 2.6% year-over-year.
RAD stock closed at $8.50 per share on Wednesday.
More Drugstore Stocks to Watch: