Walgreens Boots Says Predicting Effects Of Pandemic Difficult

By Micah Maidenberg

Walgreens Boots Alliance Inc. generated stronger-than-expected sales during its latest quarter, a period that preceded the start of consumer stockpiling of food and other goods because of the coronavirus.

"Given the many rapidly changing variables related to the pandemic, at this time [the company] is not in a position to accurately forecast the future impacts," Walgreen said Thursday.

Deerfield, Ill.-based Walgreens reported $35.82 billion in sales for the quarter ended Feb. 29, up from $34.53 billion a year earlier.

Analysts polled by FactSet predicted $35.27 billion in sales for the latest period.

Earnings dropped to $946 million, or $1.07 a share, from $1.16 billion, or $1.24 a share, a year earlier.

Walgreens' cost of sales rose to $28.31 billion from $26.77 billion, crimping gross profit.

The company said it earned an adjusted profit of $1.52 a share for the latest period, 6 cents more than analysts forecast.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

April 02, 2020 07:34 ET (11:34 GMT)

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