Rite Aid Corporation (NYSE: RAD) reported a narrower loss in the second quarter of 2021. Net loss shrank to $0.25 per share in the recently ended quarter from $1.49 per share in the prior-year quarter.
Revenue increased by 11.5% to $5.98 billion in Q2. The increase in revenues was driven by growth at both the Retail Pharmacy and Pharmacy Services segments. Analysts had expected Rite Aid to report breakeven earnings on revenue of $5.74 billion.
RAD stock was trading up about 1% during pre-market trading hours.
For fiscal 2021, the drugstore chain expects adjusted net (loss) income per share to be between $(0.67) and $0.09. Revenue is targeted to be between $23.5 billion and $24.0 billion with same store sales growth of 3% to 4% over fiscal 2020.
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