October 15, 2024 12:34 GMT
CONSUMER STAPLES: Walgreen Boots (B1 Stable/BB Neg) 4Q (3m to August) earnings
CONSUMER STAPLES
Equities now +5% retracing from +9%
We see the release as credit neutral for now (reminder we were skewed to see value on €26s at these levels).
- We were looking for any positives in margins for the core US Pharmacy retail segment - but neither 4Q nor FY25 guidance is indicating a recovery there.
- Headline sales growth across the segments + strong performance in international + US Healthcare turning profitable are the positives.
- International - which contains UK's Boots chain - made up 30% of group profits this year and has ended the year on a strong note.
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