Walgreens Sales Rise, But Profit Falls 25% -- Update
January 08 2020 - 10:26AM
Dow Jones News
By Allison Prang
Walgreens Boots Alliance Inc.'s sales and earnings for its
latest quarter fell short of what Wall Street was guiding, but the
drugstore chain reiterated its earnings outlook for the year.
Sales at Walgreens rose less than 2% in the quarter ended Nov.
30, hitting $34.34 billion. Analysts polled by FactSet were
expecting $34.58 billion.
Shares fell 4.6% in premarket trading.
Walgreens' quarterly profit was $845 million, a drop of 25%.
Adjusted earnings of $1.37 a share missed the consensus estimate
from analysts polled by FactSet.
Walgreens, however, reiterated it adjusted earnings expectations
for the fiscal year.
The company said comparable retail sales in the U.S. -- or those
at stores that have been open for at least a year -- declined 0.5%
because of less of an emphasis on tobacco. Comparable pharmacy
sales in the U.S. rose 2.5%, Walgreens said. Walgreens raised the
minimum age required for customers to buy tobacco products in its
stores to 21 as of Sept. 1.
Walgreens said in October it was shutting down the in-store
health clinics in the U.S. that it runs. The company, however, is
keeping the ones run by local health systems.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
January 08, 2020 10:11 ET (15:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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