Rite Aid Releases Earnings Report for Fiscal Q2 2019

RAD's results for the quarter were mixed

Rite Aid (NYSE:RAD) released its earnings report for its fiscal second quarter of 2019 on Thursday.

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Rite Aid’s earnings report for its fiscal second quarter of 2019 starts off with losses per share of 1 cents. This matches the company’s losses per share from the same period of the year prior. It also falls in line with Wall Street’s losses per share estimate of 1 cents for the quarter.

During its fiscal second quarter of 2019, Rite Aid reported a net loss of $359.14 million. This is a major drop from the company’s net income of $170.72 million that was reported in its fiscal second quarter of 2018.

Rite Aid also reported revenue of $5.42 billion during its fiscal second quarter of the year. This is an increase over the company’s revenue of $5.35 billion reported during the same time last year. It also comes in above analysts’ revenue estimate $5.36 billion for the period.

To go along with its earnings report for its fiscal second quarter of 2019, Rite Aid is also announcing changes to its Board of Directors and the Chairman and CEO positions. The change to the Board has the company announcing Robert Knowling, Jr., Louis Miramontes and Arun Nayar as nominees to act as independent directors.

The change being made to the Chairman and CEO positions at Rite Aid may be most surprising. The company says that it is separating these two positions from each other. Due to this change, Bruce Bodaken will be taking on the role of Chairman at RAD.

RAD stock was down 1% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/09/rite-aid-releases-q2-earnings-report/.

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