Walgreens Boots Alliance 2Q: sales down 2.4 percent but earnings up 3.7 percent

Walgreens Boots Alliance has announced its results for the second quarter of fiscal 2017. The drugstore giant saw adjusted fiscal 2017 second quarter net earnings rise 3.7 percent to US$1.5 billion, although sales were flat, down 2.4 percent – or up 0.9 percent in constant currency terms – for a total of US$29.4 billion.

The company also revealed that it was still working on gaining regulatory approval of the anticipated Rite Aid acquisition, rescheduled for July.

“Our results this quarter were in line with our expectations despite some challenging conditions we faced in a number of markets. I am particularly pleased with the growth in pharmacy volume and market share in the Retail Pharmacy USA division, which saw the highest comparable prescription growth in more than seven years. At the same time, we continue to work towards gaining regulatory approval of the pending acquisition of Rite Aid Corporation by the end of July, consistent with the amended merger agreement announced in January,” commented Stefano Pessina, Executive Vice Chairman and CEO.

The retailer is maintaining its guidance for fiscal 2017.