WALGREENS BOOTS ALLIANCE Q1 2023: SALES DOWN 1.5 PERCENT

THE WHAT? Walgreens Boots Alliance has announced its results for the first quarter of the current financial year. In the three months to November 30, 2022, the drugstore giant saw sales decline 1.5 percent yoy to US$333.4 billion.

THE DETAILS First quarter loss per share was US$4.31 compared to last year’s US$4.13 EPS, reflecting the US$6.5 billion pre-tax charge recognized in connection with the previously announced opioid litigation settlement frameworks.

Among the highlights of the quarter, Boots UK reported a retail sales increase of 8.7 percent, growing market share for the 7th consecutive quarter with footfall improving by 8 percent and Boots.com continuing to perform well.

THE WHY? Chief Executive Officer Rosalind Brewer commented, “WBA delivered a solid start to the fiscal year, as we continue to accelerate our transformation to a consumer-centric healthcare company. We’re making significant progress in driving our US Healthcare segment to scale and profit, including the recent VillageMD acquisition of Summit Health. Our core retail pharmacy businesses in both the United States and United Kingdom remain resilient in challenging operating environments. Execution across segments reinforces our confidence in achieving full-year guidance, and our strategic actions are creating long-term shareholder value.”