Summary by Futu AI
On June 27, 2024, Walgreens Boots Alliance, Inc. (WBA) reported its financial results for the fiscal quarter ending May 31, 2024. The company announced a decrease in adjusted earnings per share (EPS) by 36.6% on a constant currency basis compared to the previous year, citing lower sale-leaseback gains, a challenging U.S. retail environment, and recent pharmacy industry trends as contributing factors. Despite these challenges, third-quarter sales saw a year-over-year increase of 2.6% to $36.4 billion. WBA also lowered its fiscal 2024 adjusted EPS guidance to $2.80 to $2.95, reflecting the ongoing industry challenges and a worse-than-expected U.S. consumer environment. Additionally, the company is finalizing a significant multiyear footprint optimization program to close certain underperforming U.S. stores and is launching a U.S. Retail Pharmacy action plan to invest in and improve customer and patient experience. The company's CEO, Tim Wentworth, expressed confidence in the team and strategy to lead a business turnaround. The financial report was accompanied by a conference call and webcast discussing the results and related matters.