RTTNews | Dec 21, 2021 10:23AM EST

10:22 Tuesday, December 21, 2021 (RTTNews.com) - Shares of drugstore chain Rite Aid Corporation (RAD) are rising more than 18% Tuesday morning following third quarter results.

The company also announced the first phase of a store closure program to reduce costs and improve profitability. Rite Aid expects an EBITDA benefit of about $25 million from the initial closure of 63 stores.

Excluding one-time items, the company reported earnings of $8.2 million, or $0.15 per share in the third quarter.

For the third quarter, Rite Aid posted net loss from continuing operations of $36.1 million, or $0.67 per share compared with net income from continuing operations of $4.32 million or $0.08 per share in the year-earlier quarter, primarily due to higher facility exit and impairment charges driven by the Company's store closure decisions.

Revenues from continuing operations for the quarter increased 1.8% year-over-year to $6.23 Billion.

RAD is at $14.71 currently. It has traded in the range of $11.50- $32.48 in the past 52 weeks.

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