Rite Aid Corp. Slips On Wider Loss In Q3

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Shares of drugstores chain Rite Aid Corporation (RAD) are falling more than 15% Wednesday morning after reporting wider loss in the third quarter, due to lower revenue from Covid vaccines and testing.

For the third quarter, the company reported net loss of $67.1 million, or $1.23 loss per share, wider than $36.1 million, or $0.67 per share loss in the same quarter a year ago.

Excluding one-time items, loss was $7.9 million, or $0.14 per share

Revenues for the quarter declined to $6.08 billion from $6.23 billion in the prior year’s quarter.

RAD, currently at $3.72, has traded in the range of $3.68-$15.62 in the last 1 year.

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