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Walgreens Boots Alliance lost $1.7 billion during the three months through May as the COVID-19 pandemic slammed its non-U.S. business.
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The Deerfield, Illinois-based drugstore said COVID-19 resulted in a $700 million to $750 million hit to sales, almost entirely overseas, and that margins were hurt by a shift in consumer preferences and increased supply chain costs.
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“Prior to the pandemic, our financial performance for fiscal 2020 was on track with our expectations,” CEO Stefano Pessina said in a statement. “However, this unprecedented global crisis led to a loss in the quarter as stay-at-home orders affected all of our markets.”
The fallout from the virus forced Walgreens to take a $2 billion charge due to weakness in its U.K. business.
Walgreens lost an adjusted $1.95 a share as revenue was little changed from a year ago at $34.6 billion. Wall Street analysts surveyed by Refintiv were expecting adjusted earnings of $1.17 a share on revenue of $34.4 billion.
This story is developing. Check back for updates.
