Rite Aid Shares Shining After Q1 Earnings - Here's Why
Portfolio Pulse from Vandana Singh
Rite Aid Corp (NYSE:RAD) reported Q1 FY24 sales of $5.65 billion, beating the consensus of $5.32 billion. The company also reported an Adjusted EPS loss of $(0.73), better than the consensus of $(1.46). Rite Aid raised its FY24 revenues outlook to $22.6 billion - $23 billion, with retail pharmacy segment revenue of $18 billion - $18.3 billion and pharmacy services segment revenue of $4.6 billion - $4.7 billion. Adjusted EPS loss is expected to be $4.29-$4.7, better than the prior guidance of $4.44- $4.93 loss.
June 29, 2023 | 11:59 am
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POSITIVE IMPACT
Rite Aid's Q1 FY24 sales and EPS beat consensus estimates, and the company raised its FY24 revenue outlook. This positive news has led to a 7.24% increase in RAD stock in premarket trading.
Rite Aid's better-than-expected Q1 FY24 sales and EPS, along with an increased FY24 revenue outlook, are positive indicators of the company's performance and future prospects. This has led to increased investor confidence, reflected in the 7.24% increase in RAD stock in premarket trading.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100