RAD - Rite Aid beats Q1 expectation raises FY2023 revenue outlook

Rite Aid press release (NYSE:RAD): Q1 Non-GAAP EPS of -$0.60 beats by $0.10. Revenue of $6.01B (-2.4% Y/Y) beats by $280M. Shares +0.3% PM. FY2023 Outlook: Total revenues are expected to be between $23.6B and $24B vs. prior outlook of $23.1B and $23.5B and consensus of $22.91B; Retail Pharmacy Segment revenue is expected to be between $17.35B and $17.65B and Pharmacy Services Segment revenue is expected to be between $6.25B and $6.35B; Net loss is expected to be between $246.3M and $203.3M vs. previous outlook of $167M and $210M; Adjusted EBITDA outlook reaffirmed to $460M and $500M; Adjusted diluted EPS $(1.19) and $(0.66) vs. prior guidance of $(0.53) and $(1.06) and consensus of $(3.03); Capital expenditures are expected to be approximately $250M; To generate positive free cash flow.

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Rite Aid beats Q1 expectation, raises FY2023 revenue outlook