October 15, 2024 11:46 GMT
CONSUMER STAPLES: Walgreen Boots (B1 Stable/BB Neg) 4Q (3m to August) earnings
CONSUMER STAPLES
US pharmacy is a miss; margin contracting over 100bps yoy despite +8.3% headline sales growth and was driven by Pharmacy side with same reasons recycled; "Pharmacy margin was negatively impacted by net reimbursement pressure, brand inflation and mix impacts". Smaller retail segment saw falling sales (-1.7%) but margins were still "positively impacted".
adj. EBIT margins;
- US retail pharmacy 0.5% vs. consensus 1.1% and prev. 1.6%
- International 3.9% vs. consensus 3.6% and prev. 4.5%
- US Healthcare +0.8% vs. consensus -0.95% and prev. -4.2%
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