Alpha Diallo
All posts from Alpha Diallo
Alpha Diallo in Alpha Diallo,

Rite Aid Cuts Full Year Outlook and Shares Suffer

 (Image source:

Rite Aid Corporation (NYSE:RAD) is not optimistic about its earnings outlook for fiscal year 2014. The pharmacy chain giant cut its full year earnings per share outlook to a range of 17 cents and 23 cents. The cut fell slightly below analyst expectations. However, Rite Aid did post stellar third quarter earnings. For example, net income for the quarter was up 16 percent compared to the prior quarter. In addition, same-store sales and revenue also grew in the quarter. Despite beating estimates, investors are punishing the stock for the full-year earnings cut. Shares have been trading in the negative territory since yesterday.