Q4 sales increased 1.5% to $33.95 billion, vs. $33.89 billion expected by the street. It’s biggest segment, Retail Pharmacy USA, reported 2.1% growth in sales and 3.4% growth in comparable sales, helped by higher prescription volume.
Weakness in international markets continued to hurt the top-line, where fourth-quarter sales decreased 6.3% to $2.7 billion.
Down the line, adjusted earnings for the quarter came in at $1.43 per share, a decline of 3.7% compared to last year. However, this was 2 cents higher than what the street expected.
WBA shares rose 1.6% during pre-market hours on Monday.
For fiscal 2020, the Deerfield, Illinois-based firm said it currently expects roughly flat growth in fiscal 2020 adjusted EPS. Walgreens also raised its annual cost savings target from over $1.5 billion to over $1.8 billion by fiscal 2022.
CEO Stefano Pessina said, “While we still face headwinds, I am encouraged by the improvement in U.S. comparable sales performance in the second half of fiscal 2019 and our progress in managing costs in order to save to invest to grow.”
A few months ago, Walgreens shares had plunged to a six-year low and has maintained the downtrend since then. In the past twelve months, the stock lost about 29%, while the healthcare sector and the general market registered strong growth.
After Novavax (NASDAQ: NVAX) reported its progress on developing the COVID-19 vaccine at the end of February, the shares of the company started trading in double-digits after a long time.
Cannabis was recognized as an essential business in several markets when the shutdown came into effect, including Canada and some US states, at a time when its legalization is getting
Eastman Kodak (NYSE: KODK) reported a loss of $5 million on revenue of $213 million in the second quarter of 2020. The company earned $201 million in the prior-year quarter.