Why Rite Aid Stock Rocketed Today

Shares of Rite Aid (NYSE: RAD) surged on Tuesday after the drugstore chain announced a plan to boost profits by resizing its store base. As of 1:30 p.m. ET, Rite Aid's stock price was up more than 17%.

Rite Aid's revenue from continuing operations rose 1.8% to $6.2 billion in its fiscal 2022 third quarter. The gains were fueled by a 7.9% jump in retail pharmacy sales, to $4.4 billion, which was partially offset by a 10.8% decline in the company's pharmacy services revenue, to $1.9 billion.

"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," CEO Heyward Donigan said in a statement.

Source Fool.com