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CONSUMER STAPLES: Walgreen Boots (B1 Stable/BB Neg) 4Q earnings call remarks

CONSUMER STAPLES
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Equities now +3% retracing from +9%

  • On BS: "focus on improving net debt position; expect to utilize asset monetization proceeds to reduce debt; expect lease obligations to continue to decline"
  • On store closures;
    • Candence (reminder 500 of 1200 closures planned in FY25) will be prioritised based on cash flow benefits and lease expirations
    • 25% of total closures at end of lease term OR owned locations
    • 25% have lease expirations within 4yrs of expected closure date (we assume it means another 25%)
    • Will be immediately cash flow accretive regardless including from the help of sale proceeds on owned locations offsetting costs
    • Opportunity to sublease and will consider opportunistic lease buyouts to reduce impact of 'dark rent'
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Equities now +3% retracing from +9%

  • On BS: "focus on improving net debt position; expect to utilize asset monetization proceeds to reduce debt; expect lease obligations to continue to decline"
  • On store closures;
    • Candence (reminder 500 of 1200 closures planned in FY25) will be prioritised based on cash flow benefits and lease expirations
    • 25% of total closures at end of lease term OR owned locations
    • 25% have lease expirations within 4yrs of expected closure date (we assume it means another 25%)
    • Will be immediately cash flow accretive regardless including from the help of sale proceeds on owned locations offsetting costs
    • Opportunity to sublease and will consider opportunistic lease buyouts to reduce impact of 'dark rent'