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.
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.
