Rite Aid announced a store review that will result in 63 store closures and an annual EBITDA benefit of $25 million. "Despite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services," said Heyward Donigan, Rite Aid's chief executive, in a statement. Revenue of $6.229 billion was up from $6.117 billion but below the FactSet consensus for $6.320 billion. Adjusted EPS of 15 cents beat the FactSet consensus for a loss of 18 cents. Net loss totaled $36.1 million, or 67 cents per share, after net income of $4.3 million, or 8 cents per share, last year. shares rose 21.4% in Tuesday trading after the pharmacy retailer reported a surprise third-quarter adjusted profit and announced dozens of store closures.
Rite Aid stock jumps after surprise adjusted profit, store closures announced Markets will be closed on Friday in observance of Christmas. For the week, the Dow is up 0.4%, the S&P 500 is up 0.6% and the Nasdaq Composite is looking at a 1.1% weekly gain thus far. Joe Manchin's opposition to it, suggesting further negotiations with the West Virginia lawmaker are likely. Investors also were encouraged by news Monday that the Senate will vote on President Biden's Build Back Better economic plan in January despite Democratic Sen.
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as the omicron variant rages, while also outlining a omicron-fighting plan to get booster shots in arms, distribute 500 million free at-home COVID-19 testing kits and the immediate deployment of military doctors, nurses and other medical professionals to six hard-hit states and other measures. Biden said Tuesday the answer is "absolutely no" as to whether March 2020-style lockdowns will return to the U.S. The S&P 500 index closed up 1.8% to around 4,649, while the Nasdaq Composite Index advanced 2.4% to close at 15,341, marking the sharpest daily gain since Dec. The Dow Jones Industrial Aveage rose 560 points, or 1.6%, to reach 35,504, on a preliminary basis. stock indexes closed sharply higher Tuesday, wiping out Monday's ugly loss, as the Biden administration vowed to shun March 2020-style lockdowns and outlined plans to fight rising COVID-19 cases driven by the omicron variant. Dow surges over 560 points to erase Monday's ugly selloff and turn positive for the week as Biden vows to shun COVID lockdowns
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