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Aug 31, 2023
Walgreens Q4 2023 Earnings Report
Walgreens' Q4 2023 performance was impacted by lower COVID-19 vaccine and testing volumes, but sales increased due to growth in U.S. Retail Pharmacy and International segments.
Key Takeaways
Walgreens Boots Alliance reported a Q4 sales increase of 9.2% year-over-year to $35.4 billion, but experienced a net loss of $180 million. Adjusted EPS was $0.67, down 18.0% on a constant currency basis. The company is implementing cost reduction measures and focusing on accelerating profitability in the U.S. Healthcare segment.
Fourth quarter sales increased 9.2% year-over-year to $35.4 billion, up 8.3% on a constant currency basis.
Fourth quarter loss per share was $0.21, while adjusted EPS was $0.67, down 18.0% on a constant currency basis.
The U.S. Retail Pharmacy segment had fourth quarter sales of $27.7 billion, an increase of 3.7% from the year-ago quarter.
The International segment had fourth quarter sales of $5.8 billion, an increase of 12.4% from the year-ago quarter.
Revenue by Segment
Forward Guidance
Walgreens Boots Alliance expects adjusted EPS of $3.20 to $3.50 for fiscal year 2024, reflecting incremental cost savings and accelerating profitability in U.S. Healthcare, more than offset by lower sale and leaseback contribution, a higher tax rate, and lower COVID-19 contribution.
Positive Outlook
- Incremental cost savings across the business
- Accelerating profitability in U.S. Healthcare
Challenges Ahead
- Lower sale and leaseback contribution
- Higher tax rate
- Lower COVID-19 contribution
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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