Walgreens (WBA) Q2 2020 Results

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Walgreens Boots Alliance surpassed Wall Street profit expectations on Thursday, pushing stocks up about 3% early in the session.

Here’s what Walgreens reported for its second fiscal quarter of 2020 versus what Wall Street expected, according to an analyst survey of Refinitiv:

  • Earnings per share: $ 1.52 adjusted, versus $ 1.46 expected
  • Revenue: $ 35.82 billion, versus $ 35.27 billion expected

The second quarter of the global chain of pharmacies ended before the number of COVID-19 cases in the United States increased significantly and changed purchasing habits of customers. In recent weeks, however, he has been one of the retailers where customers have gone to stock up on drugs, prescriptions, and over-the-counter items, such as cleaning products and disposable gloves.

Before the pandemic, Walgreens said it was on the right track with its 2020 forecast of roughly stable growth. He said the impact of the epidemic was unclear, and he will provide updates in his next results report.

In the second quarter ended February 29, net earnings fell to $ 946 million, or $ 1.07 per share, from $ 1.16 billion, or $ 1.24 per share, a year earlier.

After adjustments, Walgreens earned $ 1.52 per share, which was more than the $ 1.46 per share expected by analysts, according to Refinitiv.

Walgreens said sales reached $ 35.82 billion compared to $ 34.53 billion last year, and more than the $ 35.27 billion expected by analysts.

Last week, Walgreens added new ways for American customers to buy essentials while distancing themselves socially. Customers can now purchase more than 60 popular items, such as cleaning supplies, cough and cold medicines and preparations, at its more than 7,300 pharmacy-driving services in the U.S. It also has a partnership with Postmates to make contactless deliveries to customers’ homes.

Its competitor, CVS Health, has also experienced a sharp increase in demand due to the pandemic and plans to fill 50,000 jobs for store associates, home delivery drivers, distribution center employees and professionals. customer service.

This story is developing and will be updated.

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