Abstracts » Business, regional

Rite Aid stock falls 39% after warning

Article Abstract:

Pennsylvania-based Rite Aid suffers growing pains as fourth quarter earnings are expected to perform well below Wall Sreet's expectations. The company anticipates their fourth quarter earnings down at 30 cents to 32 cents a share. Chairman Martin Grass, says Rite Aid's opening of a third of their 578 new stores at the end of the quarter contributed to the poor performance and will not impact future profits. Analysts say, Rite Aid is having integration problems as they aqcuisition small chain drug stores to gain a foothold and compete with chain giants such as,Walgreens and CVS.

Comment:

Pennsylvania-based Rite Aid suffers growing pains as fourth quarter earnings are expected to perform well below Wall Sreet's expectations.

Pennsylvania

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Rite Aid reports it cut losses sharply

Article Abstract:

Rite Aid Corp. stated that it reduced losses to $211 million after completing a $3 billion debt-refinancing package. However, Wall Street experts had expected better financial results.

Financial management, Abstract

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