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Third quarter sales increased 2.6% from the year-ago quarter to $36.4 billion, an increase of 2.5% on a constant currency basis – reflecting sales growth across all segments.
June 27, 2024
Walgreens Boots Alliance, Inc. has announced financial results for the third quarter of fiscal 2024, which ended May 31, 2024.
“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,” said CEO Tim Wentworth. “Our results and outlook reflect these headwinds, despite solid performance in both our International and US Healthcare segments.”
He continued, “Informed by our strategic review, we are focused on improving our core business: retail pharmacy, which is central to the future of healthcare. We are addressing critical issues with urgency and working to unlock opportunities for growth. Many of these actions will take time, but I am confident that we have the right team and the right strategy to lead a business turnaround for the Walgreens that our customers and patients need.”
Third quarter operating income was $111 million compared to an operating loss of $477 million in the year-ago quarter, an increase of $588 million, which reflects lapping a $431 million non-cash impairment of pharmacy license intangible assets in Boots UK in the year-ago quarter. Adjusted operating income was $613 million, a decrease of 36.3% on a constant currency basis reflecting lower sale-leaseback gains and softer US retail and pharmacy performance, partly offset by cost savings initiatives and improved profitability in the US Healthcare segment.
The International segment had third quarter sales of $5.7 billion, an increase of 2.8% from the year-ago quarter, including a favorable currency impact of 1.1 percent. Sales increased 1.6% on a constant currency basis, with the Germany wholesale business growing 4.9% and Boots UK sales growing 1.6%.
Boots UK comparable pharmacy sales increased 5.8% on a constant currency basis compared with the year-ago quarter. Boots UK comparable retail sales increased 6.0% on a constant currency basis compared to the year-ago quarter with growth across all categories and increased total retail market share. Boots.com continued to perform strongly with sales growing 13.8% representing 15.6% of Boots total retail sales.
Adjusted operating income decreased 15.8% to $175 million, a decrease of 16.6% on a constant currency basis compared with the year-ago quarter, due to lapping real estate gains in the year-ago period.
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