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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;

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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;

Keep reading...Show less