Rite Aid Shares Surge On Strong Q3 Earnings

Rite Aid Corporation (NYSE: RAD)(FREE stock trend analysis) reported a sharp recovery in the third quarter. During the quarter, Rite Aid reported a loss of $83.9 million, or 10 cents a share, compared to a loss of $243.1 million, or 30 cents, in the year-ago period. This is higher than the analyst estimate’s loss of 18 cents.

Revenue for the quarter fell 2% to $6.35 billion from $6.47 billion.

For the quarter ended Nov. 28, same-store sales fell 0.5%.

Rite Aid projects a fiscal year loss of between 50-66 cents a share, compared with the loss of 48-74 cents a share in its earlier guidance. It also expects total sales of $25.6-$25.9 billion.

Now, shares of RAD have jumped over 10.50% to $1.47 on over 3.39 million shares.