Walgreens Boots Alliance, an integrated healthcare, pharmacy and retailer, has reported a net loss attributable to the company of $5.90bn for the second quarter (Q2) of fiscal year 2024 (FY24), against net earnings of $703m recorded in the same quarter of fiscal year 2023 (FY23). 

The company’s loss per share for the quarter stood at $6.85, a significant drop from earnings per share of $0.81 it posted in the prior year’s same quarter. 

During the quarter ending 29 February 2024, WBA reported $37.05bn in sales, marking a 6.3% increase from $34.86bn in Q2 FY23. 

The retailer recorded operating loss of $13.2bn in Q2 FY24, compared to an operating income of $197m in the same quarter of last year.  

In the first six months (H1) of fiscal 2024, net loss attributable to the company was $5.97bn, compared to a net loss of $3.01bn in the corresponding period in FY23. 

The loss per share increased to $6.93 in H1 FY24, from $3.50 in H1 FY23. 

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The company’s sales for the first half rose by 8.1% to $73.76bn, against $68.24bn in the prior year’s corresponding period. 

Its operating loss for the year to date was $13.20bn, a considerable increase from an operating loss of $5.95bn in the prior-year’s same period.  

The company has narrowed its fiscal 2024 adjusted EPS guidance to between $3.20 and $3.35, reflecting the difficult retail environment in the US. 

Walgreens Boots Alliance  

CEO Tim Wentworth said: “We remain confident in our goal of achieving $1bn in cost savings this year. We are continuing to strategically review our portfolio over the next three months in an effort to ensure it drives growth and delivers value.” 

“Our team members, led by Walgreens Boots Alliance’s new executive committee with a track record of operational excellence, are powering our progress as we map growth opportunities, aim to create long-term value across our businesses and execute the hard work to simplify and strengthen Walgreens Boots Alliance.” 

In the first quarter of FY24, WBA posted a net loss of $67m, improving from $3.7bn net loss reported in the same quarter a year ago.