Rite Aid Misses Third-Quarter Expectations

Rite Aid shares fell less than a point despite the earnings miss as it is in the process of being acquired by rival Walgreens.
Author:
Publish date:

Shares of Rite Aid (RAD) - Get Report were down slightly Thursday following the release of the drugstore's latest quarterly results.

Rite Aid earned 2 cents per share during the quarter, a penny shy of Wall Street expectations. Sales for the period fell less than 1% to $8.09 billion, also falling short of forecasts.

Investors cut Rite Aid some slack, however, despite the 75% drop in third-quarter profit due to the fact that the pharmacy is currently being acquired by rival Walgreens Boots Alliance  (WBA) - Get Report . The two companies agreed earlier this week to sell 865 stores in order to alleviate antitrust concerns about the tie-up.