By Dhirendra Tripathi
Investing.com – Rite Aid (NYSE:RAD) slumped 14% Thursday as 2.2% growth in quarterly revenue fell short of expectations even as losses at the pharmacy chain narrowed sharply.
Revenue for the first quarter ended May 29 was $6.16 billion. The net loss was $13.1 million compared to $72.7 million in the same quarter a year ago.
In the first quarter, the pharmacy chain administered around 4.7 million Covid-19 vaccines compared to more than 2 million in March and mid-April.
The company has guided for an optimistic fiscal 2022.
Total revenue is seen between $25.1 billion and $25.5 billion. The net loss is seen coming between $138M million and $175 million.
Rite Aids Plunges As Revenue Growth Underwhelms
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