Rite Aid (NYSE:RAD) -10.7% after-hours following a widening Q1 loss from continuing operations totaling $1B, or $1.88/share vs. a $0.79 net loss in the prior-year quarter, and adjusted EBITDA fell to $110.3M from $138M in the year-ago quarter.
Q1 revenues came in flat at $5.4B, and retail pharmacy segment same store sales increased 1.4%.
RAD says Q1 results failed to meet expectations “due to prescription reimbursement rate pressure in the retail pharmacy segment and margin compression in the pharmacy services segment.”
RAD reiterates its FY 2020 outlook for sales of $21.5B-$21.9B vs. $21.6B analyst consensus, with same store sales expected to come in flat to 1% higher vs. 2019; it also expects adjusted EBITDA of $500M-$560M and adjusted net loss income between a $0.14/share loss and $0.72 income.
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