NEW YORK (TheStreet) -- Rite Aid (RAD - Get Report) stock is trading slightly lower on Thursday after reporting first-quarter earnings half what they were a year earlier, while reaffirming its outlook for fiscal 2015. Wall Street had hoped the company might raise guidance. By midmorning, shares had slipped 2.3% to $7.27.
Over the three months to May, the drugstore chain reported net income of $41.4 million, or 4 cents a share, compared to $89.7 million, or 9 cents a share, in the year-ago quarter. Revenue climbed 2.7% to $6.5 billion, driven by pharmacy same-store sales. Both measures were as analysts surveyed by Thomson Reuters expected.
Rite Aid confirmed its previous fiscal 2015 guidance of sales between $26 billion and $26.5 billion and earnings of 30 cents to 40 cents a share. Analysts forecast revenue of $26.2 billion and earnings of 35 cents a share.
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