Walgreens Boots Alliance (WBA.O) on Thursday forecast financial year 2024 profit below estimates after the pharmacy operator missed Wall Street's expectations for quarterly earnings due to lower consumer spending and a sharp drop in sales of COVID-19 tests and vaccines.
Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photoon Thursday forecast financial year 2024 profit below estimates after the pharmacy operator missed Wall Street's expectations for quarterly earnings due to lower consumer spending and a sharp drop in sales of COVID-19 tests and vaccines.
It has also contended with weak sales of its consumer health products due to persistently high inflation. Walgreens announced a planned cost reduction of at least $1 billion and lowered capital expenditure by about $600 million. It also named Tim Wentworth, a former Cigna The second-largest U.S. pharmacy chain operator, whose financial year ends in August, forecast an annual adjusted profit of $3.20 to $3.50 per share, compared to analysts' average estimate of $3.72 per share, according to LSEG data.
Excluding items, the company reported earnings of $0.67 per share for the quarter, compared to average analysts' estimate of $0.69 per share, according to LSEG data.Go First's former owner, the Wadia Group, has not shown an intent to bid for the grounded Indian airline and has stayed away from the insolvency process so far amid an ongoing legal tussle, three sources told Reuters.
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