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Walgreens Boots Alliance (NASDAQ:) reported its Q3 2023 financial results on Thursday, revealing a 9.2% year-over-year (YoY) increase in revenue to $35.42 billion, surpassing estimates from Zacks Consensus Estimate. However, the company’s earnings per share (EPS) fell to $0.67 from $0.80 YoY, missing the EPS estimates.
The company also reported a higher number of locations than anticipated, ending with 8,720 locations compared to the estimated 8,689. Additionally, Walgreens saw a significant increase in comparable sales for U.S. Retail Pharmacy – Pharmacy at 9.2%, significantly higher than the estimated 0.6%.
Revenues across various segments showed varied performance against estimates and YoY changes. The U.S. Retail Pharmacy segment generated $21.13 billion, while revenues from the U.S. Retail Pharmacy- Retail and International – Wholesale segments amounted to $6.54 billion and $2.90 billion respectively.
Despite these results, Walgreens is currently ranked #4 (Sell) by Zacks, indicating potential underperformance in the near term. This ranking comes even as its shares returned +3.2% over the past month, outperforming the Zacks composite’s -2.4% change.
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