Walgreens has now underperformed Wall Street's adjusted earnings expectations for two straight quarters.
Walgreens reported quarterly results that beat revenue expectations but missed earnings estimates as demand for Covid vaccines and tests plummets in the U.S.
Here's what Walgreens reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:The company reported a net loss of $180 million, or 21 cents per share, for the fiscal fourth quarter. That compares with a net loss of $415 million, or 48 cents per share, during the same period a year ago. Excluding certain items, adjusted earnings per share were 67 cents for the quarter.
Walgreens has made significant investments to transform from a major drugstore chain to a large health care company. But the pharmacy chain is facing a number of challenges in that transition, including a profit squeeze due to softer consumer spending and declining demand for Covid products as patients emerge from the pandemic.
Pharmacy sales for the quarter also increased 6.4% compared with the fiscal fourth quarter of 2022, with comparable sales up more than 9% due to price inflation in brand medications. Meanwhile, the company's international segment racked up $5.78 billion in sales for the fiscal fourth quarter, which is up more than 12% from the same period a year ago.
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