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Rite Aid's stock sinks after profit beats, but revenue comes up shy

·1 min read
Rite Aid's stock sinks after profit beats, but revenue comes up shy
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Shares of Rite Aid Corp. sank 5.5% in premarket trading Thursday, after the drugstore chain beat fiscal first-quarter profit expectations but came up shy on revenue, amid weakness in the pharmacy services business, while also providing a mixed full-year outlook. The net loss for the quarter to May 29 narrowed to $13.1 million, or 24 cents a share, from $63.5 million, or $1.19 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 38 cents, above the F