Rite Aid Corporation (NYSE: RAD) reported
mixed results for the second quarter. While EPS came in line, revenues missed the estimates. In the preceding four quarters, EPS
failed to meet expectations on two quarters and met with predictions in the other two quarters.
The drug retailer earned a profit of $14.77 million, or $0.01 a share, down from $21.47 million, or $0.02 a share, in the
previous year quarter. On an adjusted basis, it would have earned $35.5 million or $0.03 a share, which is in line with the Street
analysts' predictions.
Rite Aid sales rose 4.8 percent from $7.7 billion to $8.0 billion, which was below the analysts' estimates of $8.17 billion. Its
same store sales dropped 2.5 percent consisting of a 3.6 percent fall in pharmacy sales, which were partly compensated by a 0.1
percent growth in front-end sales.
Chairman and CEO, John Standley, commented, "Heading forward, we will remain focused on operating our business as efficiently as
possible while pursuing key growth opportunities such as our flu immunization campaign and converting additional stores to the
Wellness format, which continue to perform well and now represent nearly half of our chain."
The stock traded up by $0.04, or 0.49 percent, to $8.14 in pre-market trading on Thursday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.