Boots owner’s first quarter results surpass expectations
Boots owner Walgreens Boots Alliance has seen its first quarter sales from continuing operations increase by 7.8% to $33.9 billion.
The group said the quarter’s results surpassed expectations due to its performance being driven by Covid-19 vaccinations and testing, US retail like-for-like sales growth of 10.6%, and Boots retail like-for-like sales rising by 6.3%.
The group is now increasing its full year adjusted EPS guidance from flat to low-single digit growth.
Walgreens Boots Alliance chief executive Rosalind Brewer said: “First quarter results exceeded our expectations, with a very encouraging performance across all our business segments. The strong start to the fiscal year reinforces our confidence in the future, and as a result, we are raising our guidance for the full year and increasing investments in our people. Looking ahead, we are well positioned for sustainable, long-term value creation.”
Boots UK like-for-like pharmacy sales increased by 8.8% on the same period a year ago as the retailer benefited from higher demand for pharmacy services. Whilst footfall in stores improved in the period, traffic was still below pre-Covid-19 levels. However, online sales almost doubled compared with the equivalent quarter prior to the pandemic.
During the period, Boots delivered 2.0 million flu vaccinations to mark a 150% uplift on last year. It also opened 27 new beauty halls in regional locations.
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