Rite Aid (RAD) Misses Q2 EPS by 2c

Rite Aid (NYSE: RAD) reported Q2 EPS of ($0.01), $0.02 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $7.7 billion versus the consensus estimate of $7.84 billion.

• Second Quarter Net Income of $170.7 Million or $0.16 Per Diluted Share, Compared to the Prior Year Second Quarter Net Income of $14.8 Million or $0.01 Per Diluted Share
• Second Quarter Adjusted Net Loss Per Diluted Share of $0.01, Compared to the Prior Year Second Quarter Adjusted Net Income Per Diluted Share of $0.03
• Adjusted EBITDA of $213.3 Million for the Second Quarter, Compared to the Prior Year Second Quarter Adjusted EBITDA of $312.7 Million

“While our performance for the quarter reflects a challenging reimbursement rate environment and the effects of an extended merger and asset sale process, securing regulatory clearance for the amended asset sale agreement with Walgreens Boots Alliance gives us a clear path forward to realize the benefits of the transaction and implement our plans to deliver improved results. In addition, we’ve announced this morning that Kermit Crawford – a proven leader with extensive retail pharmacy experience – is joining Rite Aid as president and chief operating officer to further strengthen our leadership team,” said Rite Aid Chairman and CEO John Standley.

“As we work to complete the asset sale, which will reduce our leverage and provide greater financial flexibility to invest in our business, we’ll also focus on generating momentum for our business by meeting the health and wellness needs of our customers and patients while delivering an outstanding experience in our stores.”

For earnings history and earnings-related data on Rite Aid (RAD) click here.

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