: Rite Aid’s stock slides to fresh record low ahead of earnings due Thursday
Rite Aid Corp.’s stock RAD slid another 3.8% Wednesday to a fresh record low, bringing its five-day loss to 23%. The stock has been under pressure since a Bloomberg report last week that the company is working with banks and lawyers to reorganize its debt, which totals about $2.9 billion, the bulk of which comes due in 2025 and 2026. Rite Aid is scheduled to report fiscal first-quarter earnings on Thursday and is expected to swing to a loss of $1.50 for the quarter through June 3, after EPS of 38 cents a year ago, according to a FactSet consensus based on just three analyst estimates. Sales are expected to fall to $5.324 billion from $6.161 billion. The stock has lost 54% in the year to date, while the S&P 500 SPX has gained 14%.
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