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Why Rite-Aid Stock Fell 28% on Thursday

Why Rite-Aid Stock Fell 28% on Thursday

Drug store company Rite-Aid (NYSE: RAD) saw its shares drop 28% on Thursday. Revenue was a reported $5.9 billion, down 3% year over year, while the company said it had a net loss of $6.07 in earnings per share (EPS) compared to an EPS loss of $1.86 in the same period a year ago. While a noncash goodwill impairment charge made that loss more than normal, the company's adjusted EPS loss was $0.63 compared to $0.41 in the second quarter of 2021.