The video this transcript is based on appeared on December 19.
NEW YORK (TheStreet) -- Drugstore chain Rite Aid reported solid third-quarter results on Thursday after a strong start to its flu-immunization program and the completed addition of Wellness stores. However, shares of Rite Aid are falling after the company lowered its profit forecast and revenue outlook for the year.
Shares of Rite Aid (RAD) are falling on Thursday after reporting solid third-quarter earnings but lowering its profit forecast and revenue outlook for the year.
Rite Aid reported revenue of $6.36 billion, beating analysts' expectations of $6.32 billion. The drugstore chain reported earnings per share of 4 cents, in line with estimates.
Rite Aid same same-store sales for the period grew 2.3% and it delivered growth in same-store prescription counts as well. Chairman and Chief Executive John Standley attributed the results to a strong start to the company's flu-immunization program and its completion of additional Wellness stores.
However, for 2014, Rite Aid now expects net income to come in between 17 and 23 cents a share, below analysts' expectations of 24 cents a share and lower than its prior forecast of 18 cents to 27 cents a share.
At last check, shares were falling about 4.5% to $5.50. In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.