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Walgreens Stock Jumps as Sales Grow, Adjusted Earnings Surpass Estimates
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Main points
- Walgreens shares rose Friday morning after its sales and adjusted profit beat analysts’ expectations.
- Revenue was up from last year, but the net loss was larger than expected as the company launched a turnaround plan that includes closing 1,200 stores over the next three years.
- The drug retailer’s stock was the worst performer in the S&P 500 last year, losing more than 60% of its market value.
Walgreens Boots Alliance stock (world boxing association) rose Friday morning after the pharmacy retailer reported first-quarter results that included better revenue and adjusted profit. beat analysts’ expectations.
The retailer recorded $39.46 billion income Revenue for the quarter was well above the $36.71 billion reported in the same period last year and well above the $37.33 billion analyst consensus compiled by Visible Alpha. Walgreens reports revenue of $265 million net lossprofit was slightly below analysts’ expectations, but the company’s adjusted profit exceeded expectations.
After adjusting for the cost of various one-time expenses such as store closings and changes in the value of some investments, Walgreens recorded Adjusted net profit $440 million, or 51 cents a share, was well above analysts’ expectations of $329.34 million, or 38 cents a share.
In its fourth-quarter report, Walgreens Announcing plans to close There are approximately 1,200 “underperforming” stores over the next three years, including 500 this financial year. The company did not disclose in its earnings report Friday how many stores it closed in the first quarter.
“While our transformation will take time, our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model,” Walgreens said. CEO Tim Wentworth said Friday.
Walgreens shares rose more than 14% to $10.58 on Friday after the pharmacy was the nation’s worst-performing stock. S&P 500 Index Shares set to hit all-time highs by 2024 Lowest price in decades.
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