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Rite Aid Boosts FY22 Revenues Outlook As Q1 Results Come Above Estimates

While reporting financial results for the first quarter of fiscal 2022 on Thursday, drugstore chain Rite Aid Corp. (RAD) raised it total revenue guidance for the full-year 2022, due to increased utilization of higher cost drugs at Elixir.

For fiscal 2022, the company now projects an adjusted loss in a range of $1.19 to $0.66 per share on total revenues between $23.6 billion and $24.0 billion.

Previously, the company expected an adjusted loss in the range of $1.06 to $0.53 per share on total revenues between $23.1 billion and $23.5 billion.

On average, analysts polled by Thomson Reuters expect the company to report a loss of $1.41 per share on revenues of $22.91 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported a net loss of $110.19 million or $2.03 per share, sharply wider than $13.06 million or $0.24 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter was $0.60 per share, compared to adjusted income of $0.38 per share in the year-ago quarter.

Revenues for the quarter decreased to $6.01 billion from $6.16 billion in the same quarter last year.

The Street was looking for a loss of $0.70 per share on revenues of $5.73 billion for the quarter.

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