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Walgreens Boots Alliance Reports Fiscal 2019 Second Quarter Results
Company Accelerates Business Transformation Priorities
Second quarter highlights, year-over-year
Sales increased 4.6 percent to $34.5 billion
Operating income decreased 23.3 percent to $1.5 billion; Adjusted operating income decreased 10.4 percent to $1.9 billion
EPS decreased 8.3 percent to $1.24; Adjusted EPS decreased 5.4 percent to $1.64
2019 fiscal year guidance
Fiscal 2019 adjusted EPS growth expected to be roughly flat at constant currency rates, compared with previous guidance of 7 percent to 12 percent growth
Long-term business model
Existing transformation priorities reinforced and accelerated
Business model well positioned to deliver sustainable long-term growth in adjusted EPS, at constant currency rates
Transformational Cost Management Program
Company increased targeted annual cost savings from in excess of $1 billion to in excess of $1.5 billion by fiscal 2022
DEERFIELD, Ill., April 2, 2019 - Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the second quarter of fiscal 2019, which ended February 28, 2019.
Executive Vice Chairman and CEO Stefano Pessina said, The market challenges and macro trends we have been discussing for some time accelerated, resulting in the most difficult quarter we have had since the formation of Walgreens Boots Alliance. During the quarter, we saw significant reimbursement pressure, compounded by lower generic deflation, as well as continued consumer market challenges in the U.S. and UK. While we had begun initiatives to address these trends, our response was not rapid enough given market conditions, resulting in a disappointing quarter that did not meet our expectations. As a result, we are now expecting roughly flat adjusted EPS growth for fiscal 2019.
We are going to be more aggressive in our response to these rapidly shifting trends. We are focusing on our operational strengths and addressing weaknesses, making a number of senior appointments to bring change and accelerating the digitalization and transformation of our business. This will include expediting the execution of our partnership initiatives, fully developing our in-store neighborhood health destinations, re-imagining our front end retail offering, optimizing our store footprint and increasing the annual savings goal of our transformational cost management program from in excess of $1 billion to more than $1.5 billion. As a result of these actions, our business model will deliver improved performance in fiscal 2020, positioning us for mid-to-high single-digit growth in adjusted EPS in the following years.
The following information was filed by Walgreens Boots Alliance, Inc. (WBA) on Tuesday, April 2, 2019 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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