Walgreens Grappling With Cororavirus as Quarterly Sales Rise
April 02 2020 - 08:31AM
Dow Jones News
By Micah Maidenberg
Walgreens Boots Alliance Inc. said Thursday it is wrestling to
figure out what the coronavirus will mean for its business.
"Given the many rapidly changing variables related to the
pandemic, at this time [the company] is not in a position to
accurately forecast the future impacts," Walgreens said Thursday in
release results for its latest quarter.
The drugstore operator reported stronger-than-forecast sales for
its latest quarter, which ended Feb. 29, as consumers were starting
to stockpile supplies. The company generated $35.82 billion in
sales for the period, up about 4% from the year earlier and more
than the $35.27 billion in sales that analysts polled by FactSet
predicted.
Earnings dropped to $946 million, or $1.07 a share, from $1.16
billion, or $1.24 a share, the year earlier. Gross profit fell amid
rising expenses for its costs of goods.
The company said it earned an adjusted profit of $1.52 a share
for the latest period, 6 cents more than forecasts.
Walgreens has sought to navigate the coronavirus pandemic by
offering more home delivery, working with Postmates to offer such
services from 7,000 stores.
The company has also narrowed operating hours for stores, saying
last month that Walgreens locations open 24 hours would shift to a
9 a.m. to 9 p.m. local-time schedule in part to allow for more
cleaning. It said last month it would begin to sell some nondrug
items at drive-throughs.
The company has said it would pay bonuses to full- and part-time
hourly employees staffing its stores and distribution centers.
(END) Dow Jones Newswires
April 02, 2020 08:16 ET (12:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Walgreens Boots Alliance (NASDAQ:WBA)
Historical Stock Chart
From Feb 2024 to Mar 2024
Walgreens Boots Alliance (NASDAQ:WBA)
Historical Stock Chart
From Mar 2023 to Mar 2024