Rite Aid Q3 Adj. Profit Declines; Revenue Up 1.8% - Quick Facts

(RTTNews) - Rite Aid Corporation (RAD) reported third quarter adjusted profit from continuing operations of $8.2 million or $0.15 per share, compared to $21.6 million or $0.40 per share, a year ago. Adjusted EBITDA from continuing operations was $154.8 million, up 12.7 percent from last year.

Net loss from continuing operations was $36.1 million, or $0.67 per share, compared to net income from continuing operations of $4.3 million, or $0.08 per share, prior year. The company said this due primarily to higher facility exit and impairment charges driven by the store closure decisions.

Revenues from continuing operations were $6.23 billion compared to $6.12 billion, last year. The company noted that the 1.8 percent increase in revenues was driven by growth at the Retail Pharmacy Segment, partially offset by a decline at the Pharmacy Services Segment.

Looking forward, the company expects to deliver a significant increase in its fourth quarter adjusted EBITDA from last year. As a result, it raised guidance for adjusted EBITDA for fiscal 2022.

For fiscal 2022, the company now expects: adjusted EBITDA to be between $500 million and $520 million; adjusted net loss per share to be between $0.49 and $0.04; and total revenues to be between $24.4 billion and $24.7 billion.