Walgreens forecasts 2021 profit growth after Q4 earnings beat
- The company said it expects strong adjusted profit growth in the second half of 2021, as impact of the COVID-19 pandemic subsides, and supported by its recovery plans.
Drugstore chain Walgreens Boots Alliance Inc said on Thursday it expects profit to grow in single digits in 2021, after posting a better-than-expected fourth-quarter profit, helped by higher sales at US pharmacies.
Shares of the largest US drugstore chain rose 2.8pc to $36.93.
The company said it expects strong adjusted profit growth in the second half of 2021, as impact of the COVID-19 pandemic subsides, and supported by its recovery plans.
Last quarter, the company suffered a significant decline in footfall in its UK-based retail pharmacies, and resorted to store closures, job cuts and suspension of share repurchases.
Same-store sales at the company's retail pharmacy division in the United States rose 3.6pc from a year earlier.
Excluding items, Walgreens earned $1.02 per share, beating analysts' expectations of 96 cents per share.