Drug-store giant to close some less profitable stores as it looks to cut costs by at least $1 billion
Walgreens Boots Alliance Inc. WBA, +4.20% missed fiscal fourth-quarter profit expectations and provided a downbeat outlook Thursday as the drug store chain and healthcare services company saw lower COVID-19 vaccine and testing volumes weighing on results.
Walgreens saw a sharp drop-off in COVID-19 vaccinations in the quarter, administering about 400,000 of the shots, down from 2.9 million a year earlier, interim global CFO Manmohan Mahajan said on a call with analysts Thursday. “We anticipate seeing the impact of these actions in fiscal 2024, beginning in the second quarter,” Graham said in a statement.
For fiscal 2024, Walgreens expects adjusted EPS of $3.20 to $3.50, below the FactSet consensus of $3.71. One headwind is an expected sharp decline in COVID-19 vaccinations, Mahajan said on the call Thursday, with the company projecting about 5 million COVID vaccinations in fiscal 2024, down from 12 million in fiscal 2023.
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