Rite Aid Reports Lower Than Expected Loss (RAD)

Rite Aid Corporation RAD on Thursday morning released financial results that beat Wall Street earnings expectations. Camp Hill, Pennsylvania-based Rite Aid Corporation announced that its 3rd quarter net loss narrowed to $79.1 million, or 9 cents per share, compared to a net loss of $83.9 million, or 10 cents per share, a year earlier. Rite Aid Corporation (RAD) reported that its revenue fell to $6.2 billion, down from $6.35 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 13 cents per share, on revenue of $6.2 billion. President and CEO John Standley said, “The quarter was below our expectations. While the lack of cough, cold and flu had a significant impact on our results, the good news is that our front end sales began to turn around during the quarter and our team continued to do a good job of controlling costs. We are pleased to see that our loyalty program wellness + continues to gain traction with customers and patients.” The company forecast full fiscal year 2011 expected losses in the range of 74 cents to 60 cents per share. Rite Aid Corporation ended the previous trading session at 91 cents per share. Analysts covering the company's stock have a consensus price target of $1.72 per share. Read more from Benzinga's Company news.