Sales dip 1.8 percent; earnings down 5 percent for Walgreens Boots Alliance 1Q 2017

Walgreen Boots Alliance has released its results for the first quarter of financial 2017. The drugstore behemoth saw sales dip 1.8 percent to US$28.5 billion (a 1.1 rise on a constant currency basis), while net earnings down 5 percent to US$1.1. billion.

However, adjusted fiscal 2017 first quarter net earnings were up 6.1 percent, or 8.2 percent on a constant currency basis and adjusted net earnings per share grew 6.8 percent (9.7 percent in constant currency terms) to US$1.10.

“Overall we are pleased with the progress this quarter, with results in line with our expectations. We continue to anticipate that growth in the second half of fiscal 2017 will reflect the new strategic pharmacy partnerships we announced last year. As a result, we have raised the lower end of our fiscal year guidance by 5 cents per share. In addition, we continue to work toward closing the pending acquisition of Rite Aid Corporation in the early part of this calendar year,” said Stefano Pessina, Executive Vice Chairman and CEO.