The results and guidance cut com as Walgreens works to slash costs by closing underperforming U.S. stores, among other measures.
Walgreens reported fiscal third-quarter earnings that fell short of expectations and slashed its full-year adjusted profit outlook due to a"challenging" environment for pharmacies and U.S. consumers.
He added that"the consumer is absolutely stunned by the absolute prices of things, and the fact that some of them may not be inflating doesn't actually change their resistance to the current pricing. So we've had to get really keen, particularly in discretionary things." The company reported a net income of $344 million, or 40 cents per share, for the quarter. That compares with a net income of $118 million, or 14 cents per share, for the same period a year ago.Walgreens did not provide a new revenue forecast for the fiscal year. The company has not offered that guidance since October, when it said it expectedWalgreens reported growth across its three business divisions in the fiscal third quarter. But the company's U.S.
Specialty pharmacies are designed to deliver medications with unique handling, storage and distribution requirements, often for patients with complex conditions such as cancer and rheumatoid arthritis. Walgreens' U.S. retail pharmacy segment generated $28.5 billion in sales in the fiscal third quarter, an increase of 2.3% from the same period last year. Analysts had expected sales of $28.34 billion, according to estimates compiled by FactSet.
Walgreens said pharmacy sales for the quarter rose 4.4% and comparable pharmacy sales increased 5.7% compared to the year-earlier period due to price inflation in brand medications and prescription growth.
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