Jan 6, 2022
Walgreens Boots Alliance lifts forecast on strong sales
Walgreens Boots Alliance has upgraded its full-year guidance after strong trading at both its US and international businesses as Covid-19 testing and online sales propelled first-quarter revenues higher. Chief executive Rosalind Brewer said on Thursday that first quarter performance had "Exceeded expectations" with group sales rising 7.8 per cent to $33.9bn and operating profit of $1.3bn against a loss of $535m in the same quarter last year. Walgreens said the increases "Reflect strong adjusted gross profit growth across both pharmacy and retail in the US and a continued rebound in international sales and profitability". Same-store retail sales rose 10 per cent in the US - the highest quarterly growth in two decades - and 16 per cent at Boots, the UK pharmacy chain whose future is under review. Brewer joined Walgreens from Starbucks last March after her predecessor Stefano Pessina, whose dealmaking largely created the group in its current form, announced he would become executive chair.
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