Rite Aid Q2 Profit Plunges; Cuts FY16 Earnings Outlook - Quick Facts

(RTTNews) - Rite Aid Corp. (RAD) reported second-quarter net income attributable to common stockholders of $21.5 million or $0.02 per share, compared to $129.2 million or $0.13 per share in the prior year. On average, eleven analysts polled by Thomson Reuters expected the company to report profit per share of $0.04 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the latest second quarter were $7.66 billion, up 17.5% from $6.52 billion in the comparable quarter last year, while 11 analysts expected revenue of $7.57 billion for the quarter.

For fiscal 2016, the company now expects net income to be between $125 million and $195 million or income per share of $0.12 to $0.19. Analysts now expects fiscal 2016 earnings of $0.21 per share.

Earlier, the company expected net income to be between $150 million and $230 million or income per share of $0.14 to $0.22.

The company raised its fiscal 2016 revenue to a range of $30.8 billion to $31.1 billion from its prior range of $26.9 billion to $27.4 billion. Analysts expect the company to report fiscal 2016 revenue of $30.86 billion.

The company expects same store sales to range from an increase of 1.5 percent to an increase of 2.5 percent over fiscal 2015.