Posted 3/28/2024, 8:39:57 PM
Walgreens Beats Q2 Estimates But Cuts Outlook on Retail Challenges
- Walgreens reported better-than-expected Q2 sales ($37B vs $35.9B expected) and earnings ($1.20 per share vs $0.82 expected)
- The company aims to save $1B in costs this year and continue reviewing assets
- Walgreens took a $5.8B charge related to its investment in VillageMD and plans to close 160+ VillageMD locations
- Adjusted full-year earnings guidance lowered from up to $3.50 per share to $3.20-3.35 per share
- The revisions are due to "challenging retail environment" and other factors