Dallas, Texas 08/28/2013 (Financialstrend) – Rite Aid Corporation (NYSE:RAD) had recently been gaining momentum to provide for the recovery of its losses incurred in the previous years. The company had fared well in its financial performance in the latest fiscal year, primarily attributed to the increase in sales of the prescription drugs which account for 68% of the total sales of the company. Further, the company had also emerged as the third largest drugstore chain in its operating position with over 4600 stores across the country.
It is worth noting that Rite Aid Corporation (NYSE:RAD) had recently added on to position itself as the provider of health and wellness outlets for its customers. In addition, the company had also been working effectively to keep up strong productivity of its employees at the drugstores. The adjusted operating income of the company had increased by 9.7% over the previous fiscal year and the recent move to provide wellness services at its stores had proved to add on to the efficiency of its operations. Such bright prospects of business developments of the drug store chain had proved effective to attract investor attention to this stock in the recent days.
Shares of Rite Aid Corporation (NYSE:RAD) had presented loss on Tuesday to close at $3.39 per share, a negative move of 2.59% over the previous close. The stock’s price movements on the day were observed to be in the range of $3.37 to $3.49 per share. The stock had recorded the lowest price in 52 weeks at $0.95 and highest price at $3.62 per share. The stock had attracted around 15.92 million trades on Tuesday, while the average trading volume for the past one month had been at 20.00 million shares per day. The company has 909.62 million outstanding shares and 61% of institutional ownership.