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Shares jumped 7.7% in premarket deals after the pharmacy chain posted a smaller-than-expected loss and beat its revenue target. Rite Aid said its third-quarter loss rose to $67.14 million, or $1.23 a share, from a loss of $36.06 million, or 67 cents a share. , in the previous quarter. The company’s adjusted loss was 14 cents a share, while last quarter it reported adjusted net income of 15 cents a share. Wall Street analysts expect Rite Aid to lose 15 cents a share, according to estimates compiled by FactSet. Rite Aid’s third-quarter revenue fell to $6.08 billion from $6.23 billion, but beat analysts’ estimates of $5.94 billion. Going forward, Rite Aid projects adjusted losses in 2023 of $2.18 to $1.78 per share and revenue of $23.7 billion to $24 billion. Analysts expect the company to lose $1.78 a share on revenue of $23.73 billion. Heyward CEO Donigan said the company had lowered its guidance “due to headwinds including pharmaceutical margins, seasonal discounts and higher contraction” but said the company was starting a program performance accelerator to quickly track initiatives to improve sales, number of scenarios and operating margins, and free up cash.
