Walgreens Beats Q2 Estimates But Trims Full-Year Outlook Amid Cost Cutting
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Walgreens reported encouraging fiscal Q2 2024 results, with sales up 6% to $37B and adjusted EPS of $1.20, beating estimates.
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The company aims to save $1B in costs this year and continue reviewing assets, including a $5.8B charge on its VillageMD investment.
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Walgreens revised full-year adjusted profit guidance to $3.20-$3.35 per share, down from a previous upper range of $3.50, citing challenging retail environment.
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Q2 results showed a focus on cost savings and moves to boost profitability.
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Walgreens share price closed 3% higher on the news versus a 0.1% rise for the S&P 500 index.