Walgreens (WBA) Q3 2022 earnings

The Walgreens retailer at State and Randolph Streets in Chicago.

Nancy Stone | Chicago Tribune | Tribune Information Service through Getty Pictures

Walgreens Boots Alliance on Thursday reported quarterly gross sales and earnings that got here in above expectations as its retail gross sales bounced again, on-line purchases grew and it continued to manage Covid-19 vaccines.

The pharmacy chain stood by its outlook for the complete 12 months, saying it expects earnings adjusted per share to develop by the low single digits.

Shares of the corporate have been down by about 2% in premarket buying and selling.

Here is what the corporate reported in contrast with what analysts have been anticipating for the three-month interval ended Could 31, based mostly on Refinitiv information:

  • Earnings per share: 96 cents adjusted vs. 92 cents anticipated
  • Income: $32.6 billion vs. $32.06 billion anticipated

Within the quarter, web revenue fell to $289 million, or 33 cents per share, from $1.2 billion, or $1.38 per share, a 12 months earlier.

Excluding gadgets, the corporate earned 96 cents per share, exceeding the 92 cents anticipated by analysts surveyed by Refinitiv.

Gross sales decreased to $32.6 billion from $34.03 billion a 12 months earlier. Analysts have been anticipating $32.06 billion.

Walgreens has expanded on-line choices, reminiscent of curbside pickup and supply, to attempt to preserve clients from shopping for toothpaste, cleaning soap and different gadgets from on-line gamers like Amazon. The corporate mentioned these digital choices gained recognition within the quarter, rising 25%, from a 12 months in the past, on high of 95% development within the year-ago interval. The expansion was fueled by 2.8 million same-day pickup orders, the corporate mentioned.

Within the US and the UK, retail gross sales picked up as shoppers obtained out and about once more. Similar-store gross sales within the US rose 2.4%, excluding tobacco, and 24% for Boots UK retail.

Earlier this week, Walgreens mentioned it might halt plans to promote its United Kingdom-based Boots enterprise, citing instability within the markets. The corporate mentioned in January that it was wanting into strategic choices for that division, together with a potential sale.

As of Wednesday’s shut, Walgreens shares have been down about 22% thus far this 12 months. Shares shut Wednesday at $40.87, bringing the corporate’s market worth to $35.30 billion.

This story is growing. Please test again for updates.

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