Shares of Walgreens Boots Alliance (WBA) rose Friday morning after the pharmacy retailer reported first-quarter results that included better revenue and adjusted profits than analysts had expected.
The retailer recorded $39.46 billion in revenue for the quarter, well above the $36.71 billion it recorded the same time last year and the $37.33 billion analyst consensus compiled by Visible Alpha. Walgreens posted a $265 million net loss, below the small profit analysts expected, but the company’s adjusted earnings beat projections.
After adjusting for the cost of various one-time charges like store closures and the changing value of some of its investments, Walgreens recorded an adjusted net income of $440 million, or 51 cents per share, well above the $329.34 million and 38 cents per share analysts had expected.
In its fourth quarter report, Walgreens announced a plan to closeroughly 1,200 “underperforming” stores over the next three years, including 500 in this fiscal year. The company did not …