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Walgreens Boots Alliance’s Earnings Slide, Beat Analysts’ Expectations – WWD

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Walgreens Boots Alliance suffered a 74 percent drop in net earnings in its third quarter, driven by the opioid settlement with the State of Florida and lower vaccinations.

The company reported that net earnings from continuing operations decreased $289 million compared with $1.2 billion in the same period a year earlier. Earnings per share decreased to 33 cents, compared with $1.38 in the third quarter of 2021. On an adjusted basis, earnings per share were 96 cents, beating analysts’ expectations of 92 cents per share.

Third quarter sales from continuing operations decreased 4.2 percent to $32.6 billion.

Walgreens reported a $683 million charge related to its opioid settlement with the State of Florida in the current quarter to resolve all claims related to the distribution and dispensing of prescription opioid medications across its pharmacies in the state.

In the U.K., Boots comparable sales grew 2 percent with market share gains across all major categories

Earlier this week, the company revealed that it had shelved plans to sell Boots and its No7 beauty brand after no third party was able to make an offer that “adequately reflects the high potential value” of the business amid the macro-economic environment and mounting speculation that the U.S. will fall into a recession.

Chief executive officer Rosalind Brewer said:“Third quarter results were broadly in line with our expectations, demonstrating the resilience of our business through our deep community connections and relevance to consumers. Walgreens Health achieved 65 percent pro forma sales growth with progress on several fronts, including adding Buckeye Health Plan as a strategic partner, already exceeding our 2022 target for covered lives, and launching our clinical trials business. With our decision to conclude the Boots strategic review, I firmly believe that our strategic actions are working to deliver long-term shareholder value.”

Sebastian James, managing director of Boots UK & ROI, added: “The execution of our transformation program and a sharp focus on expanding our key categories of healthcare and beauty, has driven strong sales and market share growth and further strengthened our position as the UK’s leading health and beauty retailer. Significant investment in both our digital platforms and in our stores is expected to drive continued market leading growth.”

 

FOR MORE ON BEAUTY FROM WWD.COM, SEE:

Can Celebrity Skin Care Go the Distance?

Major Beauty Companies Play Down Inflation Fears

Time Runs Out for Revlon




Walgreens Boots Alliance suffered a 74 percent drop in net earnings in its third quarter, driven by the opioid settlement with the State of Florida and lower vaccinations.

The company reported that net earnings from continuing operations decreased $289 million compared with $1.2 billion in the same period a year earlier. Earnings per share decreased to 33 cents, compared with $1.38 in the third quarter of 2021. On an adjusted basis, earnings per share were 96 cents, beating analysts’ expectations of 92 cents per share.

Third quarter sales from continuing operations decreased 4.2 percent to $32.6 billion.

Walgreens reported a $683 million charge related to its opioid settlement with the State of Florida in the current quarter to resolve all claims related to the distribution and dispensing of prescription opioid medications across its pharmacies in the state.

In the U.K., Boots comparable sales grew 2 percent with market share gains across all major categories

Earlier this week, the company revealed that it had shelved plans to sell Boots and its No7 beauty brand after no third party was able to make an offer that “adequately reflects the high potential value” of the business amid the macro-economic environment and mounting speculation that the U.S. will fall into a recession.

Chief executive officer Rosalind Brewer said:“Third quarter results were broadly in line with our expectations, demonstrating the resilience of our business through our deep community connections and relevance to consumers. Walgreens Health achieved 65 percent pro forma sales growth with progress on several fronts, including adding Buckeye Health Plan as a strategic partner, already exceeding our 2022 target for covered lives, and launching our clinical trials business. With our decision to conclude the Boots strategic review, I firmly believe that our strategic actions are working to deliver long-term shareholder value.”

Sebastian James, managing director of Boots UK & ROI, added: “The execution of our transformation program and a sharp focus on expanding our key categories of healthcare and beauty, has driven strong sales and market share growth and further strengthened our position as the UK’s leading health and beauty retailer. Significant investment in both our digital platforms and in our stores is expected to drive continued market leading growth.”

 

FOR MORE ON BEAUTY FROM WWD.COM, SEE:

Can Celebrity Skin Care Go the Distance?

Major Beauty Companies Play Down Inflation Fears

Time Runs Out for Revlon

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