US pharmacy retail chain Walgreens Boots Alliance (WBA) has reported a year-over-year (YoY) improvement in net loss in the first quarter (Q1) of financial year 2024 (FY24).
During the quarter ended 30 November 2023, the retailer posted a net loss of $67m, a considerable improvement from the $3.7bn net loss reported in the same quarter a year ago.
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The company’s operating loss for the quarter stood at $39m, another notable improvement from the $6.2bn operating loss recorded in the corresponding quarter of the previous year.
WBA attributed the YoY enhancement in operating performance to the absence of the $6.5bn pretax charge for opioid-related claims and litigation that impacted the prior year’s figures.
Its earnings per share (EPS) for the quarter was listed as $0.08, compared to a loss per share of $4.31 in last year’s quarter.
Despite these losses, the company’s Q1 sales saw a YoY increase of 10.0%, reaching $36.7bn.
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By GlobalDataLooking ahead, WBA is maintaining its adjusted EPS guidance for FY24, projecting between $3.20 and $3.50.
WBA CEO Tim Wentworth said: “WBA delivered fiscal first-quarter results in line with overall expectations, reflecting disciplined execution in a challenging consumer backdrop.
“We are evaluating all strategic options to drive sustainable long-term shareholder value, focusing on swift actions to right-size costs and increase cash flow, with a balanced approach to capital allocation priorities.”
In October last year, WBA agreed to pay $192.5m to settle a class-action lawsuit filed by investors of drugstore chain Rite Aid, Reuters reported.
