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Rite Aid Corporation Gains 10% As Revenue Rises In Q4

Shares of drugstore chain Rite Aid Corporation (RAD) are rising more than 10% in the morning trade on Thursday after reporting improved fourth-quarter revenue.

Revenues from continuing operations in the fourth quarter increased to $6.065 billion from $5.917 billion last year.

The company's net loss from continuing operations however, widened to $389.06 million, or $7.18 per share from $18.5 million, or $0.34 per share loss a year ago, on higher expenses.

Excluding one-time items, loss was $88.6 million, or $1.63 per share.

Looking forward, revenues are expected to be between $23.1 billion and $23.5 billion in fiscal 2023 and adjusted net loss per share to be in the range of $0.53-$1.06.

RAD, currently at $8.26, has been trading in the range of $6.11-$23.02 in the past 52 weeks.

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