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Walgreens Boots Alliance boosted by strong third quarter

Boots UK owner Walgreens Boots Alliance has reported that its operating income from continuing operations came in at $1.1 billion in its  third quarter compared with… View Article

HEALTH & BEAUTY

Walgreens Boots Alliance boosted by strong third quarter

Boots UK owner Walgreens Boots Alliance has reported that its operating income from continuing operations came in at $1.1 billion in its  third quarter compared with a loss of $1.7 billion in the same period a year ago.

This was primarily due to $2 billion non-cash impairment charges in the same quarter in the previous financial year relating to goodwill and intangible assets in Boots UK.

Meanwhile, adjusted operating income from continuing operations rose by 82.9% on a reported currency basis to $1.5 billion while sales from continuing operations climbed by 12.1% to $34 billion.

Walgreens Boots Alliance chief executive Rosalind Brewer said:  “This quarter’s results demonstrate continued momentum, and while
challenges lie ahead, we are in a strong position to grow and innovate our core retail and pharmacy businesses for the future. We are accelerating our investments to advance our operational excellence, including technology innovations that support mass personalisation, pharmacy of the future and the next phase of growth in tech enabled healthcare.”

Looking at Boots UK, the retailer’s comparable pharmacy sales increased by 3.7% in the period as it benefited from stronger pharmacy services and the favourable timing of NHS reimbursement, which was partially offset by lower prescription volume.

Boots’ comparable retail sales climbed by 38.7% as footfall on UK high streets began to recover following the easing of Covid-19 lockdown restrictions. However. the situation was more challenging for Boots stores at travel locations in airports and train stations. The retailer’s online sales continued to be strong with an uplift of 42.3%.

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