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.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: VerticalNet and CEO face many challenges. Rite Aid reports increased losses in latest quarter. VerticalNet lays off 150 as if shifts its focus
- Abstracts: Earnings warnings on the rise. Rohm & Haas to make cutbacks
- Abstracts: Manager of SEPTA funds is indicted. Unisys retirees' suit will be heard
- Abstracts: News station offers help to Channel 6. Digital Access to close its doors. As competition lags for cable TV, prices tend to rise
- Abstracts: PGW to seek new loan from city; the utility says it will need $45 million to pay workers and stock up on natural gas for the winter season. part 2