Walgreens Swings to Loss as COVID Hits Sales

Truman Slate

Walgreens Boots Alliance described reduce-than-expected quarterly earnings on Thursday as product sales took a significant hit from the coronavirus pandemic despite a 3% raise in U.S. similar-shop product sales.

The retailer said the pandemic had an adverse influence on product sales in the third quarter of about $700 million to $750 million, most of which was relevant to its global organization, with the U.K. especially challenging hit by stay-at-household orders.

There was “a extraordinary reduction in footfall in Boots Uk merchants — down eighty five per cent in April — as individuals were suggested to go away household only for foods and medicine,” Walgreens said, including that though merchants remained open up throughout the U.K. lockdown, its biggest our biggest premium elegance and fragrance counters were proficiently shut.

For the quarter, Walgreens’ complete profits rose only .one% to $34.sixty three billion. It posted a web loss of $one.7 billion, or

Read More