THE WHAT? Walgreens Boots Alliance has branded its performance in the first quarter of fiscal 2022 as ‘strong’ after sales rose 7.6 percent in constant currency on the prior year period and operating income hit US$1.3 billion, a vast improvement on the US$535 million loss in the year-ago quarter.
THE DETAILS Results surpassed expectations across business segments, the drug store operator said, with US retail comparable sales up 10.6 percent and Boots UK retail comparable sales increasing 16.3 percent.
The pharmacy conglomerate has adjusted its full-year guidance accordingly, predicting low-single digit growth, from flat previously.
THE WHY? Chief Executive Officer, Rosalind Brewer commented, “First quarter results exceeded our expectations, with a very encouraging performance across all our business segments. I am particularly excited about the progress we’re making in building out Walgreens Health. Our majority investments in VillageMD and Shields closed during the quarter, and we’re rolling out VillageMD primary care co-locations and Walgreens Health Corners at pace. The strong start to the fiscal year reinforces our confidence in the future, and as a result, we are raising our guidance for the full year and increasing investments in our people. Looking ahead, we are well positioned for sustainable, long-term value creation.”