Walgreens Boots Alliance Reports Fiscal 2023 Third Quarter Results

Chief Executive Officer Rosalind Brewer said: “WBA achieved 8.9 percent constant currency sales growth in the third quarter despite a challenging operating environment. Consumers continue to appreciate the value, convenience, and range of services provided by Walgreens and Boots. However, significantly lower demand for COVID-related services, a more cautious and value-driven consumer, and a recently weaker respiratory season created margin pressures in the quarter. Our revised guidance takes an appropriately cautious forward view in light of consumer spending uncertainty, while still demonstrating clear drivers of a return to operating growth next fiscal year. We are raising our cost savings program target to $4.1 billion and taking immediate actions to optimize profitability for our U.S. Healthcare segment. I am confident that our turnaround strategy positions WBA to drive sustainable core growth and deliver long-term shareholder value.”

Overview of Third Quarter Results
WBA third quarter sales increased 8.6 percent from the year-ago quarter to $35.4 billion, an increase of 8.9 percent on a constant currency basis, reflecting sales growth in the U.S. Retail Pharmacy and International segments, and a significant contribution from the U.S. Healthcare segment.

Operating loss was $0.5 billion in the third quarter compared to a loss of $0.3 billion in the year-ago quarter. Operating loss in the quarter reflects a $431 million non-cash impairment of pharmacy license intangible assets in Boots UK.

Net earnings in the third quarter was $118 million compared to net earnings of $289 million in the year-ago quarter, primarily driven by lower operating income.
details at: https://www.walgreensbootsalliance.com/news-media/press-releases/2023/walgreens-boots-alliance-reports-fiscal-2023-third-quarter-results

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