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.
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.