Why Rite Aid's Shares Dropped 17.3% on Wednesday
Shares of pharmacy stock Rite Aid (NYSE: RAD) fell as much as 17.3% in morning trading on Wednesday after reporting fiscal third-quarter 2023 financial results. Quarterly revenue fell 2.3% to $6.08 billion, and net loss nearly doubled to $67.1 million, or $1.23 per share. Management now expects full fiscal-year 2023 revenue to be between $23.7 billion and $24 billion, with a net loss of $584 million to $551 million.