THE WHAT? Walgreens Boots Alliance, Inc. (WBA) released its financial results for the first quarter of fiscal 2024, ending November 30, 2023.
THE DETAILS WBA’s first quarter sales increased by 10.0 percent to $36.7 billion, with growth in the U.S. Retail Pharmacy and International segments. The company reported an operating loss of $39 million, an improvement from a $6.2 billion loss in the previous year. The net loss for the quarter was $67 million, compared to a $3.7 billion net loss year-over-year. Adjusted net earnings decreased by 43.1 percent to $571 million. WBA also announced a 48 percent reduction in its quarterly dividend payment. Net cash for operating activities was $281 million, and free cash flow was negative $788 million.
THE WHY? The financial results reflect changes in the company’s performance, with improvements in operating loss but decreases in adjusted net earnings and cash flow. The reduction in the dividend payment is part of WBA’s strategy to manage costs and increase cash flow amidst a challenging market environment.
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