THE WHAT? Walgreens Boots Alliance has reported its results for the third quarter of fiscal 2022. In the three months ended May 31, 2022, the drugstore operator saw EPS drop 73.8 percent compared to the prior year quarter, while sales were down 4.2 percent.

THE DETAILS However, for the first nine months of fiscal 2022, sales have increased 2 percent, the pharmacy giant said, with operating income up 54.3 percent and EPS growing by US$3.60 to US$5.49.

Business highlights for the quarter include Boots UK retail comparable sales growth of 24 percent and US digital sales of 25 percent

THE WHY? Chief Executive Officer Rosalind Brewer, commented, “WBA delivered strong execution across operating segments and against very robust growth last year. Third quarter results were broadly in line with our expectations, demonstrating the resilience of our business through our deep community connections and relevance to consumers. Walgreens Health achieved 65 percent pro forma sales growth with progress on several fronts, including adding Buckeye Health Plan as a strategic partner, already exceeding our 2022 target for covered lives, and launching our clinical trials business. With our decision to conclude the Boots strategic review, I firmly believe that our strategic actions are working to deliver long-term shareholder value.”