Rite Aid's Sell-Off Hangover Continues Into Friday's Session

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Rite Aid's Sell-Off Hangover Continues Into Friday's Session

Rite Aid's Sell-Off Hangover Continues Into Friday's Session
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Rite Aid's Sell-Off Hangover Continues Into Friday's Session

by TheStreet 0:57 mins

Rite Aid's Sell-Off Hangover Continues Into Friday's Session

by TheStreet 0:57 mins

Rite Aid (RAD) stock is tumbling Thursday after announcing preliminary financial results for its first quarter and warning of continued softness over fiscal 2015. For its first quarter, the drugstore chain expects net income between $35 million and $45 million with adjusted earnings of 4 cents a share. Analysts surveyed by Thomson Reuters forecast $76 million in net income and earnings of 8 cents a share. In a statement, the company said based on pharmacy margin trends the results are lower due to higher-than-expected drug costs, a result of delays in realizing expected price reductions for generic drugs.

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