Walgreens beats fiscal 4Q forecasts, absorbs UK business hit

Walgreens Boots Alliance topped earnings forecasts for its final quarter of fiscal 2022, and the drugstore chain’s early look at 2023 also fell mostly above expectations.

A drop in COVID-19 vaccinations and a big charge tied to the company’s United Kingdom stores weighed on results, but shares edged up early Thursday after Walgreens detailed its performance.

Overall, the company booked a $415 million loss in the quarter that ended Aug. 31, as sales slid 5% to $32.45 billion. Earnings adjusted for one-time items totaled 80 cents per share.

Analysts expect, on average, earnings of 77 cents per share on $32.1 billion in revenue in Walgreens’ fiscal fourth quarter, according to FactSet.