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Rite Aids Plunges As Revenue Growth Underwhelms

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By Dhirendra Tripathi

Investing.com – Rite Aid (NYSE:RAD) slumped 14% Thursday as 2.2% growth in quarterly revenue fell short of expectations even as losses at the pharmacy chain narrowed sharply.

Revenue for the first quarter ended May 29 was $6.16 billion. The net loss was $13.1 million compared to $72.7 million in the same quarter a year ago.

In the first quarter, the pharmacy chain administered around 4.7 million Covid-19 vaccines compared to more than 2 million in March and mid-April.

The company has guided for an optimistic fiscal 2022.

Total revenue is seen between $25.1 billion and $25.5 billion. The net loss is seen coming between $138M million and $175 million.

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