{"id":28339,"date":"2023-06-27T18:34:58","date_gmt":"2023-06-27T22:34:58","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/walgreens-shares-drop-sharply-as-cautious-consumers-dent-full-year-outlook\/"},"modified":"2023-06-27T18:34:59","modified_gmt":"2023-06-27T22:34:59","slug":"walgreens-shares-drop-sharply-as-cautious-consumers-dent-full-year-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28339","title":{"rendered":"Walgreens shares drop sharply as cautious consumers dent full-year outlook\u00a0"},"content":{"rendered":"
\n

Shares of Walgreens Boots Alliance Inc.
\n WBA,
\n -9.34%<\/bg-quote>
\n traded near their lowest levels since 2010 on Tuesday as skittish consumers, along with declining rates of COVID-19 vaccines and testing, dampened the company\u2019s full-year outlook.\u00a0<\/p>\n

The drugstore chain and healthcare-services company reported fiscal third-quarter net income of $118 million, or 14 cents a share, down from $289 million, or 33 cents a share, in the year-earlier period. Excluding nonrecurring items, adjusted earnings per share of $1 missed the FactSet consensus of $1.07. Sales rose 8.6% to $35.42 billion, above the FactSet consensus of $34.32 billion, amid strength in the company\u2019s U.S. Healthcare business.\u00a0<\/p>\n

\n

Consumers are \u201cprioritizing value in response to a more uncertain and challenging economic environment,\u201d Walgreens Boots CEO Rosalind Brewer said on a call with analysts Tuesday, citing the strains of higher inflation and interest rates and lower Supplemental Nutrition Assistance Program, or SNAP, benefits \u2014 part of the unwinding of pandemic-related assistance. Another pandemic tailwind dropped sharply, Brewer noted, as Walgreens administered just 800,000 COVID-19 vaccines in the third quarter, down 83% from a year earlier.\u00a0<\/p>\n

Those factors have tarnished the full-year outlook, Walgreens said, as it trimmed fiscal 2023 adjusted earnings per share guidance to $4-$4.05, from $4.45-$4.65 previously.<\/p>\n

Walgreens shares were down as much as 10% on Tuesday morning and have dropped 23% in the year to date, while the S&P 500
\n SPX,
\n +1.15%<\/bg-quote>
\n has gained 13%. The results also weighed on competitor CVS Health Corp.
\n CVS,
\n -1.68%<\/bg-quote>,<\/span>
\n whose shares were down 1.8% on Tuesday.<\/p>\n

Walgreens has trimmed its forecast for COVID-related services, Brewer said on the call Tuesday. The company expects to administer 9 million to 10 million COVID vaccines next year, in line with a typical flu season, compared with the 12.5 million COVID vaccines expected to be administered in fiscal 2023, Brewer said.\u00a0<\/p>\n

Walgreens boosted its cost-cutting program\u2019s target savings to $4.1 billion, from $3.5 billion previously. That includes $800 million in savings in fiscal 2024, Brewer said.\u00a0\u00a0<\/p>\n

A milder respiratory-ailment season also crimped profits in the third quarter, Walgreens said, trimming the number of visits to CityMD, an urgent-care provider that Walgreens-backed primary-care provider VillageMD picked up last year as the company looks to expand into patient care. Competitors have made similar moves: CVS Health earlier this year completed its acquisition of health-services company Signify Health.\u00a0<\/p>\n

Walgreens is also tackling an industrywide shortage of pharmacists, with pharmacy hours reduced at some stores, but is returning about 300 stores to normal pharmacy operating hours, the company said.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Walgreens Boots Alliance Inc. WBA, -9.34% traded near their lowest levels since 2010 on Tuesday as skittish consumers, along with declining rates of COVID-19 vaccines and testing, dampened the company\u2019s full-year outlook.\u00a0 The drugstore chain and healthcare-services company reported fiscal third-quarter net income of $118 million, or 14 cents a share, down from […]<\/p>\n","protected":false},"author":1,"featured_media":28340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-28339","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWalgreens shares drop sharply as cautious consumers dent full-year outlook\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Walgreens Boots Alliance Inc. 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