Rite Aid (RAD) is rocketing higher.
After consolidating around $6 a share, RAD broke above double top dating back to early May. All after raising its fiscal year sales outlook.
According to Rite Aid, it now expects for total revenues to come in between $23.6 billion and $24 billion because of higher-cost drugs. That’s up nicely from a prior forecast range of between $23.1 billion and $23.5 billion.
The company also posted a narrower than expected loss of 60 cents a share. That was far better than estimates for a loss of 70 cent. It also posted sales of $6 billion, which came in higher than expectations for $5.7 billion.
“We continue to make strides on our journey to transform Rite Aid and define the modern pharmacy. In the first quarter we increased our non-COVID prescriptions, reduced SG&A, built momentum at Elixir and delivered solid results across the business,” said Heyward Donigan, president and CEO.