Rite Aid (RAD -7.29%) has been one of the market's top-performing stocks over the past year. Shares have more than doubled as the pharmacy chain cut debt, closed stores, and launched its Wellness store format.

While Rite Aid's run has been impressive, a reduced earnings outlook released earlier this month cast doubt over whether the company can remain competitive against industry peers CVS Caremark (CVS -0.32%) and Walgreen (WBA 0.58%).

In the following slideshow, I highlight what investors should look for in Rite Aid's upcoming earnings release and raise some important questions that investors should be asking.