Walgreens beats earnings expectations after omicron-fueled demand for tests and boosters lifted sales

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  • Walgreens Boots Alliance beat expectations for fiscal second-quarter earnings due to customers turning to its stores and website for Covid tests and vaccines during the omicron variant wave.
  • The drugstore chain maintained its outlook for the year.

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Walgreens Boots Alliance on Thursday announced fiscal second-quarter earnings that topped analysts’ expectations, after the omicron variant of Covid-19 intensified demand for booster shots and tests during the winter months.

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The drugstore chain revisited its outlook for the year. It has said that adjusted earnings per share will grow in the low single digits.

Shares fell about 1% in premarket trading.

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Here’s what Walgreens reported compared with what analysts were expecting for the second quarter ended Feb. 28, based on Refinitiv data:

  • Earnings per share: $1.59 adjusted vs. $1.40 expected
  • Revenue: $33.76 billion vs. $33.4 billion expected

In the quarter, net income fell to $883 million, or $1.02 per share, from $1.03 billion, or $1.19 per share, in the year-ago period.

Excluding items, the company earned $1.59 per share, exceeding the $1.40 expected by analysts surveyed by Refinitiv.

Sales fell to $33.76 billion from $32.78 billion a year earlier, but surpassed the $33.4 billion that analysts expected.

As of Wednesday’s close, Walgreens shares are down 9% so far this year. Shares closed Wednesday at $47.46, bringing the company’s market value to $40.97 billion.

This story is developing. Please check back for updates.

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Credit: www.cnbc.com /

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