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Walgreens Beats Profit Estimates, Plans To Cut $1bn In Costs

Drugstore chain Walgreens Boots Alliance Inc posted a better-than-expected quarterly profit on Thursday, and said it would cut costs to save more than $1 billion in three years.

The actions would result in significant restructuring and other charges, the company said.

Same-store sales at its U.S. pharmacies rose 2.8%, beating analysts' estimates of a 2.6 percent increase, according to IBES data from Refinitiv.

The company, which operates stores under its own name as well as Boots stores in Britain and Duane Reade stores in the United States, acquired 1,932 stores from Rite Aid for $4.38 billion last year.

Net income attributable to the company rose to $1.12 billion, or $1.18 per share, in the first quarter ended Nov 30 from $821 million, or 81 cents per share, a year earlier.

Excluding items, Walgreens earned $1.46 per share.

Sales rose 9.9 percent to $33.79 billion.

Analysts on average had expected a profit of $1.43 per share and revenue of $33.78 billion.

News by Reuters, edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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