Thu, Jul 25, 7:37 PM (44 days ago)
Rite Aid Corporation has filed an amendment (Form 10-Q/A) to its Quarterly Report for the period ended June 3, 2023, to address a misstatement related to the accounting for closed store liabilities, which resulted in a material weakness in internal control over financial reporting. The amendment includes revisions to previously issued financial statements and updates to the company's assessment of its disclosure controls and procedures as of June 3, 2023. Key financial highlights for the quarter include: - Revenues of $5.65 billion, a decrease of 6.0% year-over-year. - Net loss of $306.4 million, compared to a net loss of $85.4 million in the same period last year. - Adjusted EBITDA of $91.7 million, down from $100.1 million year-over-year. - The Retail Pharmacy Segment saw a 3.4% increase in revenues, while the Pharmacy Services Segment experienced a 30.7% decline in revenues. The amendment notes that the misstatement was not material to previous financial statements but required correction. The company also identified a material weakness in its internal controls, which it is actively working to remediate.