Walgreens tops quarterly profit estimates as Sycamore deal nears completion
This June 25, 2019, file photo shows the sign outside a Walgreens Pharmacy in Pittsburgh. (AP Photo/Gene J. Puskar, File)
Walgreens Boots Alliance, which is being taken private by Sycamore Partners, beat analysts' estimates for third-quarter profit on Thursday, as store closures and cost-cutting aided turnaround efforts at the second-largest U.S. pharmacy chain.
The company in March agreed to be taken private by Sycamore Partners for US$10 billion, a fraction of the US$100 billion the U.S. pharmacy chain was worth a decade ago. The deal is expected to close by the end of the year.
U.S. retail pharmacy unit reported sales of US$30.71 billion for the quarter ended May 31, Walgreens said, beating analysts' estimates of US$29.01 billion, according to data compiled by LSEG. Same-store sales at the unit increased 10.3 per cent in the quarter.
On an adjusted basis, the company earned 38 cents per share for the quarter, beating analysts' average estimate of 34 cents per share.
The strong earnings underscore CEO Tim Wentworth's efforts to turn around the pharmacy chain through measures such as the removal of multiple mid-level executives, a US$1 billion cost-cutting exercise and plans to close thousands of underperforming stores.
'We remain focused on our turnaround plan, which will require time, disciplined focus and a balanced approach to manage future cash needs with investments necessary to navigate an evolving pharmacy and retail environment,' Wentworth said.
Walgreens' focus on its pharmacy operations, when rivals diversified into insurance and pharmacy benefit management, has weighed on its fortunes as the industry has struggled with persistently low drug reimbursement rates.
Meanwhile, inflation-wary consumers have been shifting to cheaper alternatives from Amazon and Walmart for their prescriptions and toiletries, and Walgreens' bet on doctors' clinics through its unit VillageMD also did not pay off.
The company took a US$5.8 billion impairment charge on VillageMD last year and said it was exploring options for it, including a sale.
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Reporting by Padmanabhan Ananthan and Mariam Sunny in Bengaluru; Editing by Sriraj Kalluvila and Leroy Leo
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