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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.

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