Walgreens Boots (WBA) fiscal Q3 results:
Revenues: $34,631M (+0.1%).
Net loss: ($1,708M) (-266.6%); loss/share: ($1.95) (+272.6%); non-GAAP Net Income: $723M (-46.0%); non-GAAP EPS: $0.83 (-43.5%).
CF Ops (3 months): $914M (-54.8%).
Gross margin of 18.9% vs. consensus of 20.3%, adversely impacted by shift from higher to lower margin categories and by higher supply chain costs.
Adverse sales impact of ~$700M to $750M, which was almost entirely from the company’s non-U.S. businesses.
During the quarter, the company partly mitigated the impact of COVID-19 by continuing to curtail costs, including temporary store closures, furloughing more than 16,000 UK employees, decreasing store hours and reducing rents at some locations.
Fiscal 2020 guidance: Non-GAAP EPS: $4.65 – 4.75; including estimated COVID-19 impacts of $1.03 to $1.14 per share.
In the UK, retail conditions are expected to remain very depressed, despite gradual easing of restrictions.
The Company increased quarterly dividend by 2.2% to $0.4675/share.
The Company announced job cuts of up to 4,000 positions, about 7% of workforce.
Shares are down 3% premarket.
Previously: Walgreens Boots EPS misses by $0.39, cutting jobs, suspending buybacks (July 9)
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