Third quarter earnings per share (EPS) at Walgreens Boots Alliance (WBA) were 40 cents compared to 14 cents in the year-ago quarter. Adjusted EPS was 63 cents, down 36.6 percent on a constant currency basis.
Third quarter sales increased 2.6 percent or 2.5percent on a constant currency basis to 36.4 billion dollars.
The company is lowering fiscal 2024 adjusted EPS guidance to 2.80 dollars to 2.95 dollars reflecting challenging pharmacy industry trends and a worse-than-expected US consumer environment.
Commenting on the third quarter results, the company’s CEO Tim Wentworth said in a release: “We continue to face a difficult operating environment, including persistent pressures on the US consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins.”
Highlights of WBA’s year-to-date results
Third quarter operating income was 111 million dollars, while adjusted operating income was 613 million dollars, a decrease of 36.3 percent on a constant currency basis. Net earnings were 344 million dollars, while adjusted net earnings were 545 million dollars, down 36.5 percent on a constant currency basis.
Sales in the first nine months increased 6.2 percent to 110.1 billion dollars, an increase of 5.6 percent on a constant currency basis, reflecting growth across all segments.
Operating loss was 13.1 billion dollars and adjusted operating income was 2.2 billion dollars, a decrease of 31.5 percent on a constant currency basis. Net loss for the period was 5.6 billion dollars, while adjusted net earnings decreased 24.9 percent or 712 million dollars to 2.2 billion dollars, down 25.3 percent on a constant currency basis.
Loss per share was 6.53 dollars and adjusted EPS decreased 24.9 percent or 83 cents to 2.49 dollars, reflecting a decrease of 25.3 percent on a constant currency basis.
