Shares of Rite Aid Corp.
RAD, + 3.80%
dropped more than 10% in the extended session Wednesday after the retailer reported a larger than expected fiscal first quarter loss. Rite Aid reported a net loss from continuing operations of $ 1 billion, or $ 1.88 per share. Share, compared to a net loss of 79 cents per share. Share this year ago. Revenue was flat at DKK 5.4 billion. Analysts surveyed by FactSet had expected a quarterly GAAP loss of 90 cents a share on sales of $ 5.4 billion. Results from the first quarter "did not meet our expectations due to the prescription refund pressure in the retail pharmacy segment and marginal compression in the pharmacy services segment," Rite Aid stated in a statement. The shares closed the normal session by 3.8%.