Rite Aid Corporation RAD shares are trading lower Tuesday in sympathy with Walgreens Boots Alliance after the company lowered its fiscal year 2023 guidance.
What To Know: Walgreens lowered its 2023 EPS guidance range from $4.45-$4.65 to $4.00-$4.05, reflecting 'consumer and category conditions, lower COVID-19 contribution, and a more cautious macroeconomic forward view.'
The company's third-quarter earnings were otherwise mixed, with earnings of $1.00 per share missing the analyst consensus estimate of $1.07. The company reported quarterly sales of $35.41 billion, beating the analyst consensus estimate of $34.25 billion.
The move comes two days before Rite Aid is set to report first-quarter earnings, on June 29.
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RAD Price Action: Shares of RAD were down 13.1% at $1.57 at the time of publication, according to Benzinga Pro.
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