WBA - The Struggling Walgreens Boots Alliance Is Taking A New Direction | Benzinga
On Thursday, Walgreens Boots Alliance (NASDAQ: WBA) reported its fiscal third quarter results and they were not good. Besides coming short of Wall Street estimates, the pharmacy chain revealed it will be closing a significant number of unprofitable stores along with pulling back on its push into primary care. Upon the release of the report, shares tanked as much as 25%.
Fiscal third quarter highlights
The third quarter results reflected the extend of Walgreens’ troubles as it faces worse-than-expected consumer spending, on top of many other challenges.
For the quarter ended on May 31s, Amazon.com Inc (NASDAQ: AMZN) pharmacy rival reported revenue grew 2.6% to $36.4 billion, surpassing LSEG’s revenue estimate of $35.94 billion due to strong performance in healthcare. The U.S. health-care unit alone reported sales grew 7.6% YoY to $2.13 billion. The U.S. retail pharmacy segment also grew 2.3% as it brought in $28.5 billion. Pharmacy sales grew 4.4% but retail sales contracted ...