Rite Aid shares and the Pepsi Challenge
Submitted by Ted Gottsegen on Thu, 06/26/2008 - 15:44
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Wow, Rite Aid Corporation (NYSE:RAD) shares hit $1.48 this morning after reporting a Q1 2008 loss of $156.6 million. So take the Pepsi Challenge, buy a 16 oz. soda from any vending machine or for a few pennies less, invest in Rite Aid?
In the past year, RAD shares have lost 75% of their value.
I'll take the Pepsi please.
However, sales jumped to $6.61 billion from $4.43 billion.
Analysts polled by FactSet Research were looking for a loss, on average, of 9 cents a share on sales of $6.59 billion.
Rite Aid also confirmed its forecast for fiscal 2009, with its net loss projected to total 34 cents to 48 cents a share. Wall Street is looking for an annual loss of 49 cents a share, according to FactSet.
The company also said it sees sales of $26.7 billion to $27.2 billion, with same-store sales increasing 2% to 4%.
"While the business environment remains challenging, we expect that completing the minor remodels, sales turning positive in the acquired stores and new pharmacy and front-end initiatives will contribute significantly to strong results in the second half of the fiscal year," Chairman and CEO Mary Sammons said.
Wall Street is responding this morning by spanking Rite Aid shares a new one, just wait for the downgrades to come in and we could see shares under $1. Good Lord.
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