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Rite Aid’s stock soars 7.5% premarket after company posts narrower-than-expected loss and revenue beat

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Rite Aid Corp.’s stock rose 7.5% in premarket trade Thursday, after the drug store chain posted a narrower-than-expected loss for its fiscal first quarter...

Rite Aid Corp.’s stock RAD rose 7.5% in premarket trade Thursday, after the drug store chain posted a narrower-than-expected loss for its fiscal first quarter and better-than-expected revenue. The Philadelphia-based company posted a net loss of $306.7 million, or $5.56 a share, for the quarter to June 3, wider than the loss of $110.2 million, or $2.03 a share, posted in the year-earlier period.

The wider loss was mostly due to a goodwill impairment charge at the company’s Elixir pharmacy benefit management business. The company’s adjusted per-share loss came to 73 cents, narrower than the FactSet consensus for a loss of $1.50. Revenue edged down to $5.653 billion from $6.015 billion, but was also ahead of the $5.324 billion FactSet consensus.

 

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