Rite Aid Withdraws FY21 Outlook Amid COVID-19 - Quick Facts

(RTTNews) - While reporting financial results for the first quarter of fiscal 2021 on Thursday, drugstore chain Rite Aid Corp. (RAD) said it is withdrawing the financial guidance for the full-year 2021, which was initiated on March 16, 2020.

The company attributed the withdrawal to the significant uncertainty that continues to exist around the severity and duration of the COVID-19 pandemic and the related potential impacts on its business, particularly on acute prescription volume, SG&A expense and Pharmacy Services Segment membership.

The company is also reducing expected capital expenditures from its original guidance of $350 million to $275 million.