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Rite Aid Posts Solid Earnings But Cannot Escape Sell-Off

By  +Follow June 20, 2013 9:27AM
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Rite AidIn what appears to be a testament to just how badly markets are reacting to Ben Bernanke’s guidance on Wednesday regarding the end of fiscal stimulus, Rite Aid Corp. (RAD), the third largest drug store chain the in U.S. posted its third straight profitable quarter only to be greeted by a 7 percent drop in share price heading into midday trading.

Fiscal 2013 was the company’s first profitable year since 2007, and Rite Aid expects to be profitable again in the current year. Profits for the most recently ended quarter were at $89.7 million, or $0.09 per share on revenue of $6.29 billion, compared to the prior year period during which the company lost $28 million, or $0.03 per share on revenue of $6.47 billion.

Revenue was down from the prior year due to the company’s increased sales of less expensive but more profitable generic drugs, but beat the average estimate of $6.27 billion, while the $0.09 EPS figure was in keeping with analyst forecasts.

Though the company said it should remain in the black for the current fiscal year, it also revised down its guidance from full-year earnings of between $0.04 and $0.19 per share to between $0.01 and $0.16 per share.

Same-store sales, otherwise known as sales for stores open for longer than one year, a key metric for the retail industry, were down 2.5 percent throughout the quarter, which could at least in part have something to do with the fact that Rite Aid closed some underperforming locations during the period.

The $2.64 billion market cap company competes with Walgreen Co. (WAG) and CVS Caremark Corporation (CVS) in the drugstore chain market, and has seen its stock perform incredibly well over 2013, advancing nearly 130 percent, and almost 200 percent over the past 6 months. Amid Thursday’s broad sell-off, however, shares dipped to as low as $2.87 apiece.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for RAD
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27 Feb 15 22:34:03
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27 Feb 15 22:27:23
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OTPicks.com
27 Feb 15 14:47:45
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clayton
27 Feb 15 12:10:19
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clayton
27 Feb 15 12:09:59
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27 Feb 15 11:21:03
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27 Feb 15 11:03:06
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27 Feb 15 10:13:13
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Dan
27 Feb 15 09:12:48
$RAD is cheap today.
leahanne
27 Feb 15 08:34:08
Volume Alert - RAD 8.12 Rite Aid Corp $RAD Hit a high today of 8.17 Closing the day 10:30 at 8.12 -0.05 -0.61% http://t.co/aM9Ws6Fh91
leahanne
27 Feb 15 08:33:46
$RAD Volume Alert - RAD Stock 8.12 Rite Aid Corp $RAD Hit a high today of 8.17 Closing the day 10:30 at 8.12 -0.05 http://t.co/36ZG1CxyP0
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27 Feb 15 07:13:35
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STOCKER
27 Feb 15 06:30:26
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27 Feb 15 06:21:58
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27 Feb 15 06:17:25
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Investors Observer
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Julian Close
27 Feb 15 06:16:22
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linda ramadan
27 Feb 15 06:11:45
@jimcramer #low gas price benefits my expenses on drugs 4 flu,sore throat,vitamins. Lots more spending in $RAD
				
				
By  +Follow June 20, 2013 9:27AM
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