Rite Aid Corp. Lowers FY19 Earnings Outlook - Quick Facts

(RTTNews) - Rite Aid Corp. (RAD) announced, for fiscal 2019, the company now expects adjusted per share results to be in a range of loss of $0.04 and break-even, updated from the previously disclosed adjusted net income per share range of between $0.02 and $0.06. The company said, based upon recent generic drug bid activity and on anticipated generic drug market conditions for the balance of the year, generic drug purchasing efficiencies are expected to be significantly below Rite Aid's previous experience and will not meet the company's expectations for the year. The company now expects generic drug purchasing efficiencies to be approximately $80 million less than when Rite Aid established its fiscal 2019 outlook.

The company said its outlook for sales and same store sales remains unchanged as sales, prescription count growth and pharmacy reimbursement rates continue to be in line with expectations.