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Walgreens Boots Alliance Reports Fiscal 2019 First Quarter Results
Delivers Double Digit Percentage Growth in Earnings Per Share (EPS)
First quarter highlights, year-over-year
Sales increased 9.9 percent to $33.8 billion
Operating income increased 6.1 percent to $1.4 billion; Adjusted operating income decreased 4.1 percent to $1.7 billion
EPS increased 45.7 percent to $1.18; Adjusted EPS increased 14.1 percent to $1.46
Fiscal 2019 outlook
Company maintained its guidance of 7 percent to 12 percent growth in fiscal 2019 adjusted EPS at constant currency rates
Company to launch transformational cost management program, which is targeting annual cost savings in excess of $1 billion by the end of the third year
DEERFIELD, Ill., December 20, 2018 - Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the first quarter of fiscal 2019, which ended November 30, 2018.
Executive Vice Chairman and CEO Stefano Pessina said, We are pleased to have delivered double digit percentage growth in earnings per share in the first quarter, including solid results in the U.S. We continue to focus on and invest in transforming our business. We have made good progress on partnerships, including advancing our collaborations with Kroger, FedEx and Humana and, earlier this week, we announced an initiative with Verily to further expand our health care offering. Today we are reaffirming our fiscal 2019 guidance and announcing the launch of a new transformational cost management program, which is targeting annual cost savings of more than $1 billion by the end of the third year, to better position ourselves to meet our long term targets.
Overview of First Quarter Results
Fiscal 2019 first quarter net earnings attributable to Walgreens Boots Alliance increased 36.8 percent to $1.1 billion compared with the same quarter a year ago, while net earnings per share1 increased 45.7 percent to $1.18 compared with the same quarter a year ago.
Adjusted net earnings attributable to Walgreens Boots Alliance2 increased 7.0 percent to $1.4 billion, up 7.6 percent on a constant currency basis, compared with the same quarter a year ago. Adjusted earnings per share were $1.46, an increase of 14.1 percent on both a reported and constant currency basis, compared with the same quarter a year ago.
Sales in the first quarter were $33.8 billion, an increase of 9.9 percent from the year-ago quarter, and an increase of 11.4 percent on a constant currency basis, including the benefit from acquired Rite Aid stores.
Operating income was $1.4 billion, an increase of 6.1 percent from the same quarter a year ago. Adjusted operating income was $1.7 billion, a decrease of 4.1 percent from the same quarter a year ago, and a decrease of 3.3 percent on a constant currency basis, reflecting a challenging market and exceptional items in the UK.
Net cash provided by operating activities was $460 million in the first quarter, and free cash flow was negative $10 million, reflecting first quarter investment in working capital and the integration of Rite Aid stores.
The following information was filed by Walgreens Boots Alliance, Inc. (WBA) on Thursday, December 20, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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