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Walgreens Boots Alliance posts Q2 net sales gain

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WBA is raising the low end of its fiscal 2016 EPS guidance

Walgreens Boots Alliance posts Q2 net sales gain

DEERFIELD, Ill. — Walgreens Boots Alliance Inc. (WBA) said today that its sales rose 13.6% in the second quarter to $30.2 billion and that it is raising the low end of its earnings-per-share guidance for fiscal 2016 by 5 cents to $4.35 to $4.55.

It had net earnings of $930 million, or 85 cents a share, in the second quarter, down from $2.04 billion, or $1.93 a share, in the year-earlier period when the company benefited from a noncash gain of $814 million.

Adjusted fiscal 2016 second quarter net earnings attributable to WBA increased 14.4% to $1.4 billion compared with the same quarter a year ago.

The company noted that the second quarter net sales increase of 13.6% was largely due to the full consolidation of Alliance Boots for the entire quarter this year.

The retail pharmacy division, whose principal brands are Walgreens and Duane Reade, registered second quarter total sales of $21.5 billion, an increase of 2.1% over the year-ago quarter. Sales in comparable stores increased 2.2% compared with the same quarter a year ago.

Pharmacy sales, which accounted for 65% of the division’s total sales in the quarter, increased 3.2% compared with the year ago quarter, while comparable-pharmacy sales increased 3.7%.

Comparable retail sales decreased 0.3% in the second quarter, which the company said was primarily due to soft cold, cough and flu product sales.

“I am pleased with how we are working across the company to transform our business and position ourselves for success in rapidly changing markets,” said executive vice chairman and chief executive officer Stefano Pessina. “In addition, we continued to make good progress in the quarter in reducing costs and establishing more efficient working practices, which contributed to overall adjusted earnings growth.

“Looking ahead, we remain on track to achieve our expectations for this fiscal year, as we work to mitigate lower pharmacy reimbursement rates and challenging retail sales environments.”


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