Premarket trading for Rite Aid RAD +6.17% shares is up after the pharmaceutical retailer upped its sales outlook and posted a smaller-than-expected first-quarter deficit.
An adjusted net loss per share of 60 cents was reported by the company, which was lower than the FactSet expectation of 70 cents. Sales of $6 billion were reported, above the average estimate of $5.7 billion.
Rite Aid (RAD) now expects to make between $23.6 billion and $24.0 billion in sales for the fiscal year that ends in February 2023. In April of that year, management expected sales of $23.1-$23.5 billion.
“In the first quarter, we grew our non-COVID prescriptions and produced good performance throughout the company. We continue to make gains on our effort to modernize Rite Aid,” Heyward Donigan, President, and CEO.
The price of the shares increased by 3.3% to $6.93. S&P 500SPX –0.13 percent was down 21.1 percent and Dow Jones Industrial Average was down 16.1 percent as of Wednesday’s closing. The drugstore chain’s shares have plunged 54.3% so far this year.