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Rite Aid posts a mixed fourth quarter, gives weak full-year forecast

Rite Aid on Thursday posted mixed fourth-quarter earnings results and gave a weak forecast for the upcoming fiscal year.

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Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: A loss of 1 cent, adjusted, vs. a loss of 2 cents expected
  • Revenue: $5.38 billion vs. $5.56 billion expected

For fiscal 2020, Rite Aid said it expects earnings per share to fall between a loss of a penny to a gain of 4 cents. It also projected revenue to fall between $21.5 billion and $21.9 billion. Analysts were predicting earnings of 2 cents per share and revenue of $22.09 billion.

Shares of Rite Aid slid nearly 5 percent to 54 cents in premarket trading. Rite Aid’s shares have lost 66 percent of their value over the past year, with the price hovering under $1 since December. The company plans a reverse stock split at a ratio of 1-for-20, effective April 22 to prevent the New York Stock Exchange from delisting its shares.

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