logo
Plus   Neg
Share
Email

Rite Aid Withdraws FY21 Outlook Amid COVID-19 - Quick Facts

While reporting financial results for the first quarter of fiscal 2021 on Thursday, drugstore chain Rite Aid Corp. (RAD) said it is withdrawing the financial guidance for the full-year 2021, which was initiated on March 16, 2020.

The company attributed the withdrawal to the significant uncertainty that continues to exist around the severity and duration of the COVID-19 pandemic and the related potential impacts on its business, particularly on acute prescription volume, SG&A expense and Pharmacy Services Segment membership.

The company is also reducing expected capital expenditures from its original guidance of $350 million to $275 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Department of Health and Human Services or HHS said it has secured most of the supply of COVID-19 drug remdesivir through September. The deal would allow American hospitals to purchase the antiviral drug in allocated amounts amid the spike in confirmed cases each day. HHS Secretary Alex Azar said, "President Trump has struck an amazing deal to ensure Americans have access to the first..." Novartis AG (NVS) agreed to pay $678 million to settle U.S. government charges it paid illegal kickbacks to doctors to induce them to prescribe its cardiovascular and diabetes drugs, the U.S. Department of Justice said in a statement. PG&E Corp. (PCG) said Wednesday that it has emerged from Chapter 11 bankruptcy protection, after implementing its financial restructuring plan that was previously approved by the U.S. Bankruptcy Court and state regulators.
Follow RTT