by Burke Speaker | April 10, 2014 9:48 am
Rite Aid stock (RAD) have soared after its adjusted earnings and fiscal year revenue guidance beat analyst expectations.
Though its fiscal fourth-quarter earnings fell 55%, Rite Aid said this was due to one-time inventory-accounting adjustments.
Rite Aid reported earnings of $55.4 million (6 cents a share) last quarter, compared to $123.1 million (13 cents a share) a year earlier.
RAD stock is up 13.75% in early morning trading.
Rite Aid stock is also up due to its coming year projections.
For the new fiscal year, the company forecast per-share earnings of 31 cents to 42 cents and revenue of $26 billion to $26.5 billion. Analysts polled by Thomson Reuters expected per-share profit of 35 cents and revenue of $25.75 billion.
Rite Aid last month reported that total drugstore sales increased 2.2% to $6.57 billion and that same-store sales rose 2.1%. In the front of the store, same-store sales edged down 0.7%, while they increased 3.5% in the pharmacy section.
Rite Aid also announced its acquisition of the Texas-based RediClinic — stating it was looking to add more clinics to its existing markets.
RAD stock is up 42% year to date.
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