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Walgreens Boots Alliance Reports Fiscal 2020 First Quarter Results
Maintains Full Year Adjusted EPS Guidance
First quarter highlights, year-over-year
Sales increased 1.6 percent to $34.3 billion, up 2.3 percent on a constant currency basis
Operating income decreased 27.6 percent to $1.0 billion; Adjusted operating income decreased 15.6 percent to $1.5 billion, down 15.4 percent on a constant currency basis
EPS decreased 19.8 percent to $0.95; Adjusted EPS decreased 6.0 percent to $1.37, down 5.7 percent on a constant currency basis
Net cash provided by operating activities was $1.1 billion, an increase of $601 million; Free cash flow was $674 million, an increase of $684 million
Fiscal 2020 outlook
Company maintained its guidance of roughly flat growth in fiscal 2020 adjusted EPS on a constant currency basis
Transformational Cost Management Program
On track to deliver in excess of $1.8 billion in annual cost savings by fiscal 2022
Strategic updates announced after end of quarter
WBA agreed to create German wholesale joint venture with McKesson
Kroger and Walgreens formed group purchasing organization
DEERFIELD, Ill., January 8, 2020 - Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the first quarter of fiscal 2020, which ended November 30, 2019.
Executive Vice Chairman and CEO Stefano Pessina said, We are maintaining our outlook for the year despite a soft first quarter. We are confident our strategic plans are the right ones to drive long-term sustainable growth going forward. In addition, during the quarter we were very satisfied with the progress made in our Transformational Cost Management Program and with the strong cash flow we delivered.
Overview of First Quarter Results
Fiscal 2020 first quarter net earnings attributable to Walgreens Boots Alliance decreased 24.8 percent to $845 million compared with the same quarter a year ago, while net earnings per share1 decreased 19.8 percent to $0.95 compared with the same quarter a year ago.
Adjusted net earnings attributable to Walgreens Boots Alliance2 decreased 11.8 percent to $1.2 billion, down 11.6 percent on a constant currency basis, compared with the same quarter a year ago. Adjusted earnings per share were $1.37, a decrease of 6.0 percent on a reported currency basis and a decrease of 5.7 percent on a constant currency basis, compared with the same quarter a year ago.
Sales in the first quarter were $34.3 billion, an increase of 1.6 percent from the year-ago quarter, and an increase of 2.3 percent on a constant currency basis.
The following information was filed by Walgreens Boots Alliance, Inc. (WBA) on Wednesday, January 8, 2020 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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