Earlier today, Rite Aid (NYSE: RAD) reported earnings for its third quarter of Fiscal Year 2023. Adjusted earnings per share came in at -$0.14 on revenue of $6.08 billion. Both metrics beat expectations of -$0.15 per share and $5.94 billion, respectively.
Looking forward, management expects revenue and adjusted EPS for Q2 to be in the ranges of $23.7 billion to $24 billion and -$2.18 to -$1.78, respectively. For reference, analysts were expecting $23.73 billion in revenue and adjusted EPS of -$1.78.
Investors clearly weren’t happy about the company’s outlook, as its share price plunged following the report.