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Walgreens beats first-quarter profit expectations on increased drug sales By Reuters

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© Reuters. A sign rests on a counter at a Walgreens pharmacy store in Austin, Texas

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(Reuters) – Walgreens Boots Alliance (NASDAQ:) Inc beat analysts’ estimates for adjusted quarterly profit on Thursday, driven by higher sales at its retail pharmacy stores and higher prescription volumes, sending its shares up 3.4% in premarket trading.

The company has taken a number of steps to boost profit after the COVID-19 pandemic hammered sales and forced it to cut jobs, shut some UK-based Boots stores and sell its distribution unit to AmerisourceBergen (NYSE:) Corp for $6.5 billion.

Excluding items, the company earned $1.22 per share, while analysts were expecting a profit of $1.03 per share, according to Refinitiv IBES.

Net loss attributable to Walgreens was $308 million, or 36 cents per share, in the first quarter ended Nov. 30, compared with a profit of $845 million, or 95 cents per share, a year earlier.

Revenue rose to $36.31 billion from $34.34 billion.

 

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