Walgreens Boots Alliance, Inc. (NASDAQ: WBA) on Tuesday said its third-quarter sales rose 9%. As a result, the healthcare service company’s adjusted profit increased during the three-month period.
Net profit, on an adjusted basis, moved up to $1.00 per share in the third quarter of 2023 from $0.96 per share in the corresponding period of last year. Unadjusted profit, meanwhile, declined to $118 million or $0.14 per share in Q3 from $289 million or $0.33 per share in the prior-year period.
Net sales increased 9% year-over-year to $35.4 billion. The management reduced its full-year adjusted earnings guidance to the range of $4.00 per share to 4.05 per share, to reflect consumer and category conditions, lower COVID-19 contribution, and the cautious macroeconomic outlook.
“Consumers continue to appreciate the value, convenience, and range of services provided by Walgreens and Boots. However, significantly lower demand for COVID-related services, a more cautious and value-driven consumer, and a recently weaker respiratory season created margin pressures in the quarter,” said Walgreens’ CEO Rosalind Brewer.