Walgreens Boots Alliance profits dropped 25% in its fiscal 1st quarter as the company works to re-invent its U.S. drugstores amid rumors that Walgreens may be taken private in a massive leveraged buyout
that tumbled nearly 25% to $845 million for the period ended Nov. 30, 2019 compared with the year-ago period thanks in part to ongoing reimbursement pressures and lower-than-expected prescription volume. Sales were up 1.6% to $34.3 billion in the first quarter.
Walgreens is amid a massive cost management program designed to simplify operations and supply chain management in what executives have said will save $1.8 billion or more annually by 2022. Meanwhile, Walgreens is investing hundreds of millions of dollars to reinvent the company’s stores and pharmacy operations.
“We are confident our strategic plans are the right ones to drive long-term sustainable growth going forward,” Pessina said in a statement accompanying the earnings report. “During the quarter we were very satisfied with the progress made in our transformational cost management program and with the strong cash flow we delivered.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fearne Cotton's mum rocks an incredible trouser suit in wedding throwback from her big dayFearne Cotton has paid tribute to her parents as they celebrate their wedding anniversary. The presenter posted an incredible throwback photo from their big day...
Read more »
Wiley threatens to attack Stormzy's mum in new track as feud escalatesBritish grime stars Stormzy and Wiley have been feuding in recent weeks but now issues have escalated with Wiley releasing new track Eediyat Skengman 2
Read more »
Harper Beckham borrows her mum Victoria's £1,590 handbagHarper Beckham was seen on her mum Victoria's Instagram, wearing a pink dress by BonPoint and a gold handbag from the former Spice Girl's fashion range. The bag is called the 'Eva' and costs £1,590.
Read more »
Lady Louise Windsor joins mum Sophie Wessex at the England Hockey training groundsLady Louise Windsor made a rare appearance with her mum Sophie Wessex during a royal engagement on Tuesday afternoon at The National Sports Centre – the training ground for England Hockey
Read more »
Joshua Ritchie's mum likes post calling his ex Charlotte Crosby 'psycho'Josh Ritchie, who recently split with Charlotte Crosby, had a savage comment about his ex left on his Insta, and his mum appreciated it
Read more »
Walgreens Sales Rise, But Profit Falls 25%Walgreens Boots Alliance’s sales and earnings for its latest quarter fell short of what Wall Street was guiding, but the company reiterated its earnings outlook for the year.
Read more »