Walgreens Boots Alliance Reports Fiscal 2017 Second Quarter Results

Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the second quarter of fiscal 2017, which ended 28 February 2017.

Executive Vice Chairman and CEO Stefano Pessina said, “Our results this quarter were in line with our expectations despite some challenging conditions we faced in a number of markets. I am particularly pleased with the growth in pharmacy volume and market share in the Retail Pharmacy USA division, which saw the highest comparable prescription growth in more than seven years. At the same time, we continue to work toward gaining regulatory approval of the pending acquisition of Rite Aid Corporation by the end of July, consistent with the amended merger agreement announced in January.”

Overview of Second Quarter Results
Fiscal 2017 second quarter net earnings attributable to Walgreens Boots Alliance determined in accordance with GAAP increased 14.0 percent to $1.1 billion compared with the same quarter a year ago, while GAAP diluted net earnings per share increased 15.3 percent to $0.98 compared with the same quarter a year ago. The increases in GAAP net earnings and GAAP net earnings per share primarily reflect the reduction in the fair value of the company’s AmerisourceBergen Corporation warrants in the year-ago quarter, partially offset by higher costs related to the company’s cost transformation program in the quarter.

Adjusted fiscal 2017 second quarter net earnings attributable to Walgreens Boots Alliance1 increased 3.7 percent to $1.5 billion, up 6.2 percent on a constant currency basis, compared with the same quarter a year ago. Adjusted diluted net earnings per share for the quarter increased 3.8 percent to $1.36, up 6.1 percent on a constant currency basis, compared with the same quarter a year ago.

Sales in the second quarter were $29.4 billion, a decrease of 2.4 percent from the year-ago quarter, and an increase of 0.9 percent on a constant currency basis. Excluding the impact of the leap year in 2016, sales increased 2.2 percent on a constant currency basis.

GAAP operating income in the second quarter was $1.5 billion, a decrease of 20.5 percent from the same quarter a year ago, primarily due to costs related to the company’s cost transformation program. Adjusted operating income in the second quarter was $2.0 billion, a decrease of 4.9 percent from the same quarter a year ago, and a decrease of 2.7 percent on a constant currency basis.

GAAP net cash provided by operating activities was $2.9 billion in the second quarter, an increase of $504 million from the same quarter a year ago, and free cash
more dtail at:  http://www.walgreensbootsalliance.com/newsroom/news/walgreens-boots-alliance-reports-fiscal-2017-second-quarter-results.htm

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