Why Rite Aid Stock Is Down Today

Rite Aid Corporation RAD shares are trading lower Tuesday in sympathy with Walgreens Boots Alliance after the company lowered its fiscal year 2023 guidance.

What To Know: Walgreens lowered its 2023 EPS guidance range from $4.45-$4.65 to $4.00-$4.05, reflecting 'consumer and category conditions, lower COVID-19 contribution, and a more cautious macroeconomic forward view.'

The company's third-quarter earnings were otherwise mixed, with earnings of $1.00 per share missing the analyst consensus estimate of $1.07. The company reported quarterly sales of $35.41 billion, beating the analyst consensus estimate of $34.25 billion.

The move comes two days before Rite Aid is set to report first-quarter earnings, on June 29.

Related Link: What's Going On With Mullen Automotive Stock Today?

RAD Price Action: Shares of RAD were down 13.1% at $1.57 at the time of publication, according to Benzinga Pro.

Image by Manfred Richter from Pixabay

 

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