NEW YORK (TheStreet) -- Rite Aid (RAD) announced Monday it had hired retail veteran David Abelman in the newly created position of senior vice president of brand development and innovation. His appointment to the role is effective immediately.
As SVP, Abelman will oversee the development of Rite Aid branded products and identify new opportunities to grow.
"David is a seasoned retail professional who brings broad-based marketing, merchandising and entrepreneurial experience to Rite Aid," said president and COO Ken Martindale in a statement.
Abelman has over 25 years of experience in the industry, most recently as CEO and co-founder of start-up Self-Health Nation, a nutrition and health omni-channel business.
Third largest U.S. drugstore chain Rite Aid will report its fourth quarter before the bell Thursday, April 10. Analysts surveyed by Thomson Reuters forecast net income of 4 cents a share and revenue of $6.54 billion.
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TheStreet Ratings team rates RITE AID CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate RITE AID CORP (RAD) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including poor profit margins and weak operating cash flow."