Friday, September 29, 2017

Rite Aid revenue misses estimates, shares slump to four-year low

Image result for rite aidDrug store operator Rite Aid Corp reported lower-than-expected quarterly revenue mainly due to drop in reimbursement rates and the number of prescriptions it filled, sending its shares down 10 percent to a four-year low on Thursday.

Retail pharmacy sales fell 3.4 percent in the quarter, while pharmacy services revenue dropped 8.7 percent as it participated in fewer regions offering Medicare Part D prescription drugs. . . . more

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