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Rite Aid's Downbeat Outlook Caused Shares To Fall.

Rite Aid has shown a downbeat outlook for this period as well as for the whole year due to higher than expected drug costs. This happened because they were slow to meet expected price reductions for generic medications. Their shares dropped 8.4% reaching $7.79 after the company cut earnings guidance for the year.

Like other similar stores, Rite Aid has tried to diversifying their offerings. An example would be back in February when they expanded the distribution deal to include generic drugs. Their same store sales went up 3.1% over the last year and total drug store sales increased 2.6% reaching $6.43 billion.