- 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.
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.
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.
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.
Credit: www.cnbc.com /