Drug Retailer Rite Aid's Revenue Misses Estimates
Drug retailer Rite Aid, which is being bought by US grocer Albertsons Cos. Inc., posted smaller-than-expected fourth-quarter revenue, hurt by a decline in reimbursement rates and prescription volumes.
Revenue fell to $5.39 billion from $5.90 billion, missing the average analyst estimate of $5.57 billion, according to Thomson Reuters I/B/E/S.
The company posted net loss from continuing operations of $483.7 million, or 46 cents per share, for the quarter ended 3 March, compared with a loss of $25.1 million, or 2 cents per share, a year earlier.
The loss includes $325 million of income tax expense related mainly to the revaluation of the company's deferred tax assets in connection with the new US tax law.
Excluding one-time items, Rite Aid reported a loss of 1 cent per share.