Rite Aid surges after 2015 sales forecast tops estimates

A Rite Aid Corp. store in Redondo Beach, A Rite Aid Corp. store in Redondo Beach, Calif., on Wednesday, April 9, 2014. Rite Aid is now positioned "to transition our strategy from turnaround to growth," chief executive John Standley said in a statement after releasing earnings figures on April 10, 2014. Photo Credit: Bloomberg News / Patrick T. Fallon

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Rite Aid Corp. rose to its highest value in a dozen years after the third-largest U.S. drugstore company provided a full-year sales forecast higher than analysts' estimates.

Rite Aid gained 11 percent to $7.12 at 11:14 a.m. on Wall Street after increasing to $7.39, its highest intraday price since Oct. 2, 2001. The shares of the Camp Hill, Pennsylvania-based company more than tripled in the 12 months through Wednesday.

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Revenue for fiscal 2015 is expected to be $26 billion to $26.5 billion, Rite Aid said in a statement Thursday. That was more than analysts' average estimate of $25.8 billion. Sales for the fourth quarter ended Feb. 28 were $6.6 billion, also higher than estimates.

Rite Aid is now positioned "to transition our strategy from turnaround to growth as we more aggressively pursue opportunities to become a growing retail health care company," chief executive John Standley said in the statement.

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