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CONSUMER STAPLES: Walgreen Boots (B1 Stable/BB Neg) 4Q (3m to August) earnings

CONSUMER STAPLES
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We know it was reviewing 25% of the US footprint but we now have a number;
"Announcing footprint optimization program targeting approximately 1,200 closures over the next three years, including approximately 500 closures in fiscal 2025, which will be immediately accretive to adjusted EPS and free cash flow"

  • US Retail Pharmacy operators ~8.7k stores so this is ~14%
  • It has FY25 adj. EPS guidance at $1.4-1.8 with "growth in US healthcare and international more than offset by a decline in US retail pharmacy", taxes, lower contributions from sale-leaseback and Cencora earnings. At the mid-point it is -44%yoy.
  • Above guidance still looks bleak for the key US retail pharmacy segment.
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We know it was reviewing 25% of the US footprint but we now have a number;
"Announcing footprint optimization program targeting approximately 1,200 closures over the next three years, including approximately 500 closures in fiscal 2025, which will be immediately accretive to adjusted EPS and free cash flow"

  • US Retail Pharmacy operators ~8.7k stores so this is ~14%
  • It has FY25 adj. EPS guidance at $1.4-1.8 with "growth in US healthcare and international more than offset by a decline in US retail pharmacy", taxes, lower contributions from sale-leaseback and Cencora earnings. At the mid-point it is -44%yoy.
  • Above guidance still looks bleak for the key US retail pharmacy segment.