Rite Aid plummets; CEO Heyward Donigan cites Covid for cautious outlook


Rite Aid CEO Heyward Donigan told CNBC on Thursday she’s “cautiously optimistic” the U.S. would avoid another round of strict Covid restrictions despite the presence of the delta variant.

“We all hope that enough people get vaccinated that we don’t have the variant become so significant that our markets shut down again,” Donigan said on “Squawk Box.”

Even so, the chief executive said the drug store chain was being judicious with its financial projections due, in part, to how unpredictable the coronavirus pandemic’s impact on business has been.

Shares of Rite Aid sank roughly 14% on Thursday, sending the company’s stock market value under $1 billion, as Wall Street digested mixed…


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