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Boots owner’s first quarter results surpass expectations

Boots owner Walgreens Boots Alliance has seen its first quarter sales from continuing operations increase by 7.8% to $33.9 billion. The group said the quarter’s results… View Article

HEALTH AND BEAUTY NEWS

Boots owner’s first quarter results surpass expectations

Boots owner Walgreens Boots Alliance has seen its first quarter sales from continuing operations increase by 7.8% to $33.9 billion.

The group said the quarter’s results surpassed expectations due to its performance being driven by Covid-19 vaccinations and testing, US retail like-for-like sales growth of 10.6%, and Boots retail like-for-like sales rising by 6.3%.

The group is now increasing its full year adjusted EPS guidance from flat to low-single digit growth.

Walgreens Boots Alliance chief executive Rosalind Brewer said: “First quarter results exceeded our expectations, with a very encouraging performance across all our business segments. 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.”

Boots UK like-for-like pharmacy sales increased by 8.8% on the same period a year ago as the retailer benefited from higher demand for pharmacy services. Whilst footfall in stores improved in the period, traffic was still below pre-Covid-19 levels. However, online sales almost doubled compared with the equivalent quarter prior to the pandemic.

During the period, Boots delivered 2.0 million flu vaccinations to mark a 150% uplift on last year. It also opened 27 new beauty halls in regional locations.

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